In the fourth quarter running from Sept. 1 to Nov. 30, Hennes & Mauritz (H&M) saw net sales decrease by 10 percent year-on-year in local currencies. For the whole financial year, net sales declined by 18 percent in local currencies due to the impact of the Covid-19 pandemic, according to provisional data released by the Swedish clothing retailer.
On a reported basis, net sales amounted to 52.543 billion Swedish Krona (€5.16 bn-$6.27bn), down from SEK 61.694 billion a year earlier, in the fourth quarter and to SEK 187.025 billion (€18.36 bn-$22.31bn), against SEK 232.755 billion a year earlier, in the full year.
In the third quarter and much of the fourth quarter, the company enjoyed a strong recovery from the first wave of the pandemic. Between Sept. 1 and Oct. 21, sales were down by only 3 percent in local currencies compared with the same period last year. But, between Oct. 22 and Nov. 30, sales fell by 22 percent year-on-year, due to a new slowdown as a result of a second wave of the pandemic.