The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
“It is now a year since the full force of the pandemic hit. I am deeply impressed by and proud of all our colleagues’ fantastic commitment and customer focus during a very challenging time. Although it is still largely a matter of managing the negative effects of recurring store closures, it is clear that customers appreciate our offering,” Helena Helmersson, CEO at H&M Group, said in a press release.
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
“When markets have been allowed to open, store sales have picked up while at the same time online sales have continued to develop very well,” Helmersson said.
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
Gross profit during Q1 FY21 dropped to SEK 19,057 million (SEK 28,034 million), while operating loss was SEK 1,128 million (operating profit: SEK 2,690 million).
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
“The changes that we were already seeing in areas such as digitalisation and sustainability have been speeded up further by the pandemic. We have therefore increased the pace of change, and thanks to our significant investments in recent years we are able to meet customers’ changing behaviour and higher expectations with increasing speed,” Helmersson said in the release.
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
Sales in Germany fell 41 per cent to SEK 4,593 million (SEK 7,743 million), while sales in US were down 25 per cent to SEK 5,453 million (SEK 7,234 million). UK sales dropped 38 per cent to SEK 2,172 million (SEK 3,531 million), and sales in Sweden decreased 19 per cent to SEK 1,746 million (SEK 2,147 million).
The H&M Group, a Swedish multinational clothing-retail company, has reported 21 per cent sales decline to SEK 40,060 million (Swedish krona) in its first quarter (Q1) FY21 ended on February 28, 2021 compared to SEK 54,948 million in the same period prior fiscal. The group incurred a loss during the Q1 to SEK 1,070 million (Q1 FY19: profit SEK 1,928 million).#
“Our digital initiatives are continuing, along with the development of our physical store network. We can see that customers both want to be able to see, feel and try on the garments in real life and to use digital channels to explore fashion, be inspired and shop. Looking ahead, we will strengthen the interaction between the channels further in order to offer customers the best experience with all of our brands,” Helmersson said.
Fibre2Fashion News Desk (JL)
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