HMs Quarterly Sales Surge as Pandemic Restrictions Ease

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Quarterly turnover at HM, the worlds secondbiggest fashion retailer, jumped from a year earlier as pandemic restrictions were eased, although revenue remained well below 2019 levels.

The Swedish group said on Tuesday net sales grew 62 in the period its fiscal second quarter from a year earlier, or 75 measured in local currencies, to 46.5 billion crowns 5.59 billion. Analysts polled by Refinitiv had on average forecast net sales growth of 66.

In the yearearlier quarter, the pandemic and government measures to slow it ground much of global trade and retail to a near halt and around 4,000 of HMs around 5,000 stores were temporarily closed.

Compared with the second quarter of 2019, HMs net sales were down 19.

As more people are vaccinated a number of markets have gradually allowed stores to reopen and the HM groups strong recovery continues, the company said in a statement.

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.

HM said localcurrency sales in the June 113 period were up 35 on the year, and up 2 from the corresponding period in 2019.

It said around 180 stores were temporarily closed on June 13, down from around 1,300 at the start of March but up from around 140 at the end of May.

Market leader Inditex, the owner of Zara, and smaller rival Next, have also reported recovering sales on the back of easing restrictions….

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