Retail

2020-09-17

The H&M groupâ€™s sales development and preliminary results in the third quarter 2020

In the third quarter 2020, i.e. in the period 1 June 2020 to 31 August 2020, the H&M groupâ€™s net sales decreased by 16 percent in local currencies compared with the corresponding period last year. Converted to SEK net sales decreased by 19 percent to SEK 50,870 m (62,572).

Sales development in the third quarter

Sales development in the third quarter reflects the Covid-19 situation. At the beginning of the quarter approximately 900 of the groupâ€™s more than 5,000 stores were temporarily closed. At the end of the quarter just above 200 stores were temporarily closed.

Preliminary results for the third quarter

As a result of appreciated collections together with rapid and decisive actions, the H&M group's recovery is better than expected. More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter. Preliminary results show profit before tax of approximately SEK 2 billion.

The final results for the third quarter and the nine-month period 1 December 2019 â€“ 31 August 2020, will be published at 08:00 CEST on 1 October 2020. A telephone conference for the financial market and media will be held in English at 09:00 CEST, hosted by CEO Helena Helmersson, CFO Adam Karlsson and Head of IR Nils Vinge.