The Swedish fashion chain H&M has continued to recover from the aftermath of the pandemic. In the three months to the end of August, sales rose compared to the same period last year by 14 percent, adjusted for currency effects, to just under 55.6 billion kroner (5.5 billion euros), as Hennes & Mauritz announced on Wednesday. In Swedish kronor, the increase was 9 percent. Experts had expected a stronger increase on average.
The restrictions resulting from the pandemic continued to weigh on business – especially in Asia. The group was able to sell more items without discounts with other brands such as Cos or & Other Stories. But at the beginning of June around 180 shops were still temporarily closed. By the end of August, that number had dropped to around 100 stores. In the other branches, there were some restrictions on opening times, the number of customers and the sales area.
However, the management sees rays of light: For example, sales outside Asia and Oceania in the respective national currencies have reached the level from the time before the pandemic. H&M plans to publish its full quarterly figures on September 30th.