Virus resurgence hits H&M sales, cuts promising recovery, Retail News, ET Retail

Virus resurgence hits H&M sales, cuts promising recoveryStockholm, Dec fifteen (AP) Swedish trend retailer H&M claims its revenue fell 10 for every cent in the fourth quarter as the second wave of the COVID-19 pandemic stalled customer expending, chopping small a promising recovery viewed in the third quarter. The Stockholm-primarily based company reported Tuesday forward of reporting comprehensive fourth quarter earnings in January that revenue in the September to November period of time dropped to fifty two.5 billion Swedish kronor (USD 6.25 billion) from billion kronor a yr previously.

Income for the comprehensive fiscal yr, which runs for the 12 months by way of November, stood at 187 billion kronor, down 18 for every cent.

H&M reported that the total yr 2020 was marked by the coronavirus pandemic for the company, a person of the world’s premier price range trend vendors, while the yr took off with “a good momentum.”

“The H&M team commenced the yr strongly and with a good momentum right up until the 1st wave of COVID-19 experienced an effect,” the company reported in a quick statement.

“Comprehensive social limitations involving short term retail outlet closures and significant drops in client footfall to physical outlets led to a significant minimize in revenue, specifically in the second quarter.” A strong revenue recovery followed in the third quarter, continuing for significantly of the fourth quarter ahead of suffering “a new slowdown as a result of the pandemic’s second wave.” The company will report its comprehensive fourth quarter and 2020 earnings on January 29. (AP) AAR AAR