Second corona wave causes a slump in profits at H&M

finance

There is no improvement in sight for the Swedish fashion chain in the first quarter either.

Second corona wave causes a slump in profits at H&M

The second largest fashion group in the world, H&M, has felt the second corona wave with numerous business closings. The profit fell in the fourth fiscal quarter of 2019/20 from September to November to 3.67 billion Swedish crowns (362 million euros), after 5.4 billion crowns in the same period of the previous year, as H&M announced.

No all-clear

However, this was above the estimates of analysts who had forecast a decline in profits to 3.07 billion crowns. The management of the Swedish group has not given the all-clear for the new 2020/21 financial year either.

“The ongoing restrictions and the many temporary closings of stores will have a significant negative impact on the first quarter,” said H&M boss Helena Helmersson.

From December to January 27th, the first two months of the first financial quarter, sales fell by 23 percent in local currencies.

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