Low-cost fashion brand Hennes & Mauritz AB has seen its in-store sales rise 14% to 55.6 million kronor ($6.3 million) in the third quarter as pandemic restrictions are eased in many markets

ByThe Associated Press

September 30, 2021, 8:44 AM

β€’ 2 min read

STOCKHOLM β€” Low-cost fashion brand Hennes & Mauritz AB said Thursday its in-store sales rose 14% to 55.6 million kronor ($6.3 million) in the third quarter, up from 50.9 million kronor a year ago, as store sales have started to recover after the pandemic with restrictions being eased in many markets. Online sales increased even more, up 22%.

The Stockholm-based retailing group said that at the beginning of the period June 1-Aug. 31 around 180 stores were temporarily closed and at the end of that term around 100 stores remained closed.

β€œAs restrictions have been eased in many markets, store sales have started to pick up again, all while online sales have continued to grow,” H&M CEO Helena Helmersson said.

However, β€œthe pandemic and its consequences are not yet over, and we are humbled by the many challenges in the world around us that affect our business, which call for a high level of flexibility and drive.”

H&M’s profit after tax increased to 4.7 billion kronor ($536 million). A year earlier, it had reported a profit of 1.8 billion kronor.

The group said that five new H&M markets will launch in 2022: Ecuador, North Macedonia and Kosovo, and via franchise in Costa Rica and Cambodia.

Beside H&M, the group’s brands include COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound.

The H&M group has 53 online markets and approximately 4,850 stores in 75 markets including franchise markets. It has approximately 153,000 employees.

The post Low-cost fashion chain H&M sees sales pick up after virus appeared first on Velvo News.

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