Free Trial

H&M says sales up 75% as more people get vaccinated

STOCKHOLM (AP) — Low-cost fashion brand Hennes & Mauritz AB said Tuesday sales had increased 75% in Q2 and early June, affecting both online purchases and physical stores, adding that 1,300 stores were temporarily closed at the start of the period due to the pandemic.

Those who remained open faced coronavirus restrictions, including on opening hours, number of customers and store space, the group said. In Hennes & Mauritz’s large markets, such as France and Germany, stores were closed throughout most of the quarter.

“As more people are vaccinated, a number of markets have gradually allowed stores to reopen and the H&M group’s strong recovery continues,” said the Stockholm-based company, the world’s second biggest fashion retailer that is known for the brand H&M. “This shows that customers appreciate the collections and being able to shop via their preferred channel.”

At the end of the period that ended May 31, most of the H&M group’s markets still had restrictions resulting in “reduced footfall” and around 140 of the stores globally remained temporarily closed.

The retailing company released the figures ahead of its full earnings report for the six-month period, which will be published July 1.

Apart from H&M, the Swedish group also includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound.

Where Should You Invest $1,000 Right Now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

The Next 7 Blockbuster Stocks for Growth Investors Cover

Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Made in America Stocks Under $20 You Need to See!
3 Cheap Growth Stocks Set to Explode This Summer
The Next NVIDIA? Quantum Computing Stocks Set for Explosive Growth

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines