PARIS — Hennes & Mauritz reported a 21 % gross sales decline in first-quarter gross sales as coronavirus outbreaks weighed on enterprise, reflecting ongoing uneven buying and selling situations for fast-fashion retailers.
“The scenario in each nation is altering quickly,” the Swedish group stated. For the three months ending Feb. 28, gross sales in native currencies got here to 40.06 billion Swedish kronor, or $4.72 billion.
“Gross sales improvement was considerably affected by the Covid-19 scenario, with intensive restrictions and at most over 1,800 shops briefly closed,” the retailer stated.
For the reason that starting of February, a lot of markets had reopened and on the finish of the quarter, 1,300 shops have been closed. Within the March 1 to 13 interval, gross sales have been up 10 % in native currencies.
Analysts stated the gross sales figures have been a bit higher than anticipated.
Richard Chamberlain of RBC Europe famous the figures implied that on-line gross sales have been stronger than anticipated, however cautioned towards studying an excessive amount of into February, usually a quiet month for retail.
The group, which operates Cos, Monki, & Different Tales, Arket and Weekday along with H&M, has been reducing prices and renegotiating