H&M’s local currency sales tumbled 57% since the beginning of March compared with a year ago as most of its stores remain closed amid lockdowns
), the world’s second-biggest fashion retailer, said local currency sales had tumbled 57% since the start of March compared with a year ago as the COVID-19 pandemic and lockdowns kept most of its stores closed.
H&M warned on April 3 it would make its first quarterly loss in many decades in March-May, its fiscal second quarter. “In those markets that have begun to open up, trade in the stores has initially been muted,” it said on Thursday in a statement ahead of its annual general meeting later in the day. It had flagged last month that stocks would temporarily grow due to the sudden drop in demand linked to the pandemic.“Costs for markdowns are expected to decrease in absolute figures in the second quarter compared with the second quarter of 2019, but since sales will be significantly lower the markdowns are expected to have a negative effect on the gross margin of 2–4 percentage points,” it said on Thursday.
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