Low-cost fashion chain H&M sees sales 16% drop due to virus


Low-cost fashion chain H&M sees sales 16% drop due to virus

STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB says its third quarter sales fell 16% to 51 million kronor ($ 5.7 million), largely as a result of the COVID-19 pandemic. At the beginning of the quarter approximately 900 of the group’s more than 5,000 stores were temporarily closed. At the end of the quarter just over 200 stores were temporarily closed. The Stockholm-based group retailer said its profit after tax for the period June 1– Aug. 31 amounted to 1.8 billion kronor ($200 million), less than half from a year ago.

The post Low-cost fashion chain H&M sees sales 16% drop due to virus appeared first on WBNG.

Source: Binghamton NY Latest News
Low-cost fashion chain H&M sees sales 16% drop due to virus

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