H&M plans to close 250 shops globally in 2021

2020/10 01 12:10

Sweden’s H&M Group’s internet gross sales amounted to SEK 134,482 million within the first 9 months of the monetary 12 months. Gross sales improvement was considerably affected by the COVID-19 scenario, significantly within the second quarter when practically four-fifths of the group’s shops have been closed in most markets. The group plans to shut round 250 shops in 2021.

Its internet gross sales amounted to SEK 50,870 million within the third quarter. In native currencies, internet gross sales decreased by 16 per cent. At first of the third quarter, practically 900 of the group’s greater than 5,000 shops have been briefly closed. On the finish of the quarter, simply over 200 shops have been briefly closed.

The group’s liquidity stays good. As of 31 August, money and money equivalents amounted to SEK 12,138 million. Money and money equivalents plus undrawn credit score services totalled SEK 41,413 million, the corporate reported.

Gross sales in September 2020 decreased by 5 per cent in native currencies in contrast with the identical interval final 12 months. At the moment, 166 shops, representing three per cent of the full variety of shops, are closed. Numerous shops nonetheless have native restrictions and restricted opening hours.

“Because of much-appreciated collections along with speedy and decisive actions, our restoration goes higher than anticipated. Now we have sturdy, worthwhile on-line development, and increasingly shops have been capable of open once more. With extra full-price gross sales than anticipated and strict value management, we returned to revenue already within the third quarter…. Though the challenges are removed from over, our evaluation is that the worst is behind us and we’re effectively positioned to return out of the disaster stronger,” chief government officer Helena Helmersson stated in an announcement.

Fibre2Fashion Information Desk (DS)

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