H&M has recovered well from the coronavirus pandemic. In the first half of June, sales were even 2 % higher than in the same period in 2019.
Affected by store closures
The Swedish fashion conglomerate saw revenues increase by 75 % to 46.5 billion Swedish kronor (4.6 billion euros) between 1 March and 31 May. However, the company was still very much affected by the Covid pandemic, FashionUnited writes: at the beginning of the period, around 1,300 stores were temporarily closed, while many other branches faced restrictions on opening hours, customer numbers and retail space. Currently, 180 stores are still temporarily closed.
As the vaccination programme progressed, more stores were able to open their doors again. Nevertheless, online sales continued to develop solidly, H&M says: "This shows that customers appreciate the collections and the opportunity to shop via their preferred channel."
H&M will publish its full quarterly results on 1 July.