H&M December-February sales fall 21% in local currencies


A pedestrian carries a Hennes & Mauritz AB H&M shopping bag on Oxford Street in London, U.K., on Wednesday, Oct. 21, 2020.

Hollie Adams | Bloomberg | Getty Images

Sales at H&M, the world’s second-biggest fashion retailer, fell less than expected in the three months through February, as it was hit by the second wave of the COVID-19 pandemic.

The Swedish group said on Monday net sales fell 27% from a year earlier, or 21% measured in local currencies, to 40.1 billion crowns ($4.72 billion).

Analysts had on average forecast a 30% decline in net sales in the period, H&M’s fiscal first quarter, according to Refinitiv SmartEstimate.

H&M said sales in March 1–13 grew by 10% in local currencies.

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