STOCKHOLM – Net sales at Swedish fast fashion giant H&M plunged by 18 per cent in the 2020 financial year. Revenues were significantly negatively affected by the coronavirus pandemic, particularly in the second quarter when stores were temporarily closed in most markets. At the height of the crisis, approximately 80 per cent of the group’s stores were closed.
H&M said the crisis has covered all parts of its operations, including product purchasing, investments, rents, staffing and financing. Greater emphasis was placed on digital channels, which partly compensated for the drop in in-store sales, it added.
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