STOCKHOLM: Swedish low-cost fashion brand Hennes & Mauritz AB said Thursday its third quarter sales fell 16% to 51 million kronor ($ 5.7 million), largely as a result of the COVID-19 pandemic.
At the beginning of the quarter, approximately 900 of the groups more than 5,000 stores were temporarily closed. At the end of the quarter just over 200 stores were temporarily closed.
The Stockholm-based retailing group said its profit after tax for the period June 1 Aug. 31 amounted to 1.8 billion kronor ($200 million). A year earlier, it had reported a profit of 3.9 billion kronor.
Through much-appreciated collections and rapid, decisive actions, we returned to profit already in the third quarter, H&M CEO Helena Helmersson said.
The group said the pandemic had affected all parts of the business, including product purchasing, investments, rents, staffing and financing.
Although the challenges…