H&M’s recovery during Q3 has been stronger-than-expected. The retailer’s preliminary financial results showed positive signs for recovery after the pandemic had caused most of their stores to temporarily shut down.
At the beginning of the quarter, 900 out of 5,000 of H&M’s stores were closed. Net sales for local currencies had decreased 16%. However, their numbers came in well above initial expectations.
“H&M group’s recovery is better than expected,” the company noted in their press release. “More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter.”
H&M will post its full quarterly report on Oct. 1. The company was been working dilligently to make improvements within their business model to push for a healthy recovery post-COVID.
Source: H&M Group – Press Release 9/15/20
Photo Credit: H&M Group – Media Gallery
About H&M Group
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M’s business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, & Other Stories, H&M HOME and ARKET as well as Afound. The H&M group has 51 online markets and more than 5,000 stores in 74 markets including franchise markets. In 2019, net sales were SEK 233 billion. The number of employees amounts to approximately 179,000. For further information, visit hmgroup.com.