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Gloucestershire Business News

H&M reports 27 per cent drop in sales

Fashion retailer H&M has revealed a decline in first quarter sales, but said this is less than expected and sales are now recovering.

The business said net sales had fallen 27 per cent year-on-year, to £3.37 billion, in the three-month period ending February 28.

Losses of sales have been blamed on the temporary closure of 1,800 H&M stores across the world, including those in Gloucester and Cheltenham, due to the coronavirus pandemic.

A statement read: "Sales development was significantly affected by the Covid-19 situation, with extensive restrictions and at most over 1800 stores temporarily closed.

"Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1300 stores remained temporarily closed."

A full year earnings report is expected to be published by H&M on March 31.

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