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Gloucestershire Business News

H&M suffers smaller than expected sales drop

Non-essential retailers across the board have seen sales plummet throughout the coronavirus crisis, but fashion retailer H&M is reporting a smaller decline than expected.

Net sales for the retailer's second quarter were down 50 per cent year-on-year to £2.5 billion, as coronavirus lockdowns start to ease around the world and stores reopen, as reported by Retail Gazette.

H&M, which has stores in Gloucester and Cheltenham which reopened this week, began gradually reopening stores around the world in late April. Approximately 80 per cent of its 5,058 stores worldwide were closed by the pandemic.

Online sales helped to partially off-set the store closures, with reported web sales up by 36 per cent.

H&M operates in 51 markets worldwide and said the pace of recovery is varying a lot between them. Around 18 per cent of its stores worldwide are still closed, including those in Wales and Scotland.

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