At constant exchange rates, H&M saw sales decline by ten per cent in the fourth quarter. Especially in the last weeks of the quarter, during the peak of the second wave of the coronavirus, revenue fell sharply.
In the fourth quarter, from September until November, H&M had a turnover of 52.5 billion Swedish kronor (5.15 billion euros), compared to 61.7 billion Swedish kronor (6.05 billion euros) in the same period last year.
The fashion giant said that the strong recovery seen in the third quarter had continued for most of the fourth quarter, but sales slackened again from the end of October. "Between 22 October and 30 November, sales fell by 22 per cent compared to the same period last year. The recovery slowed down as it collided with the second wave of the coronavirus," said H&M in a press release.
For the year as a whole, H&M achieved a turnover of 187 billion Swedish kronor (18.3 billion euros). Last year, it was 232.8 billion Swedish kronor (22.8 billion euros). Particularly during the second quarter, when numerous outlets were closed as a result of the first wave, the second to largest fashion company in the world got severely hit. H&M will publish its full annual results on 29 January 2021.