H&M says one fifth of stores still shuttered by pandemic, Retail News, ET Retail

All over one,050 of H&M’s all around five,000 merchants continue being temporarily closed because of to the COVID-19 pandemic and authorities actions to halt it, a spokesman at the Swedish team stated on Thursday.

H&M, the world’s next-largest manner retailer, is because of to report product sales for the December-February period, its fiscal initial quarter, on March 15. Analysts on ordinary forecast a 28% drop in internet product sales from a 12 months back, in accordance to Refinitiv SmartEstimate.

Largest rival Inditex, the proprietor of Zara, on Wednesday forecast a return to wholesome product sales as before long as lockdowns are lifted, as it claimed a 70% tumble in income for its fiscal 12 months as a result of January.

Inditex predicted all its outlets would be open up by mid-April. All over 15% of its merchants continue being temporarily closed.

H&M, whose full initial-quarter earnings report is because of on March 31, is bracing for a loss in the period after the pandemic slashed 2020 profits by 88%.