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H&M India sales plummet 74% during March-May quarter

By Retail4Growth Team | June 29, 2020

Globally, the group's net sales declined 50% as stores were temporarily closed in many markets.

Swedish fast-fashion retailer Hennes & Mauritz (H&M) reported a 74% decline in sales in India for the quarter ended May 2020. This comes after most of the brand’s stores were shut for nearly two months in the quarter due to covid outbreak.

The world’s second-largest clothing firm, which follows a December-November financial year, reported sales of Rs 90 crore in the second quarter. During the six-month period ended May, it clocked Rs 602 crore, a 19% fall compared to a year ago.

H&M's chief financial officer Adam Karlsson said, in an investors call, "There have been some limited disruptions in the supply chain particularly Bangladesh and India, these are now resolved, so we don't expect a big backlog into the third quarter”.

Globally, the group's net sales declined 50% as stores were temporarily closed in many markets. In fact, in mid-April, around 80% of the group’s stores were temporarily closed. The Stockholm-based H&M has opened a store a month in India on average so far since its entry in India in October 2015, taking the total count to 48 at present.

 

Tags : H&M
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