H&M Q2 sales up 62 percent YOY; failed to reach pre-pandemic heights

H&M Q2 sales up 62 percent YOY; failed to reach pre-pandemic heights

THE WHAT? Fashion and beauty retailer H&M has seen Q2 sales rise 62 percent between March and May, citing the easing of pandemic restrictions in many markets and the increased online demand, according to a report by Reuters. 

THE DETAILS Revenue, however, was still down 19 percent compared to 2019, with stores remaining shuttered in France and Germany and footfall slow to recommence in re-opened stores. 

Local currency sales in the first half of June were up 35 percent YOY and 2 percent from the comparable period in 2019. 

THE WHY? As lockdown measures ease in many countries, retailers are once again starting to benefit from in-person shopping and the continued habits of online consumerism. 

H&M said, “As more people are vaccinated a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues.
“Online sales have continued to develop very well, even as the stores have opened. This shows that customers appreciate the collections and being able to shop via their preferred channel.”

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