According to H & M, the decline in sales in May was slightly below expectations and was less dramatic than in March and April when stores in Asia and Europe were reopened.
The fast fashion retailer, headquartered in Sweden, announced that in the three months to May 31, net sales decreased 50 percent year-over-year to $ 3.1 billion.
Fortunately, sales fell 30 percent in the first 13 days of June, indicating a gradual return of customers to stores.
H & M has 5058 stores worldwide, almost one in five of which remains closed due to the Covid 19 pandemic, the company said in a statement.
Sales declined less than rival Inditex, Zara’s parent company, which saw a 34 percent decline last week in the week of June 2-8.
However, an H&M spokesman said that the pace of sales recovery “varies widely between markets around the world”.
This story originally appeared on the sister site Inside Retail Asia.
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