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H&M’s Sales Still Lag Pre-Pandemic Levels as Restrictions Bite

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

STOCKHOLM—Sales at fashion retailer H&M grew less than expected in the three months to the end of August, staying below pre-pandemic levels as restrictions kept shoppers away from stores. The Swedish group said on Wednesday sales grew 9 percent from a year earlier, or 14 percent in local currency terms, to 55.6 billion crowns ($6.46 billion). Analysts polled by Refinitiv on average forecast net sales growth of 14 percent. Net sales at the world’s second biggest fashion retailer were down 11 percent from the same quarter of 2019 before the pandemic, when they were 62.6 billion crowns. H&M, whose shares were down 3 percent in early trade, said the pandemic continued to hit sales, with considerable variation between markets. “Lockdowns and restrictions have continued to hamper development, particularly in Asia. However, as restrictions have been eased, sales in store have picked up in many markets while online sales have continued …

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