H&M says one fifth of stores still shuttered by pandemic, Retail News, ET Retail

Davida Erdahl

All-around one,050 of H&M’s all around five,000 retailers keep on being temporarily shut owing to the COVID-19 pandemic and authorities actions to quit it, a spokesman at the Swedish team said on Thursday. H&M, the world’s second-largest style retailer, is owing to report gross sales for the December-February period, its […]

All-around one,050 of H&M’s all around five,000 retailers keep on being temporarily shut owing to the COVID-19 pandemic and authorities actions to quit it, a spokesman at the Swedish team said on Thursday.

H&M, the world’s second-largest style retailer, is owing to report gross sales for the December-February period, its fiscal first quarter, on March 15. Analysts on regular forecast a 28% fall in web gross sales from a year back, in accordance to Refinitiv SmartEstimate.

Most significant rival Inditex, the proprietor of Zara, on Wednesday forecast a return to healthier gross sales as shortly as lockdowns are lifted, as it reported a 70% slide in gain for its fiscal year by means of January.

Inditex predicted all its outlets would be open up by mid-April. All-around 15% of its retailers keep on being temporarily shut.

H&M, whose whole first-quarter earnings report is owing on March 31, is bracing for a reduction in the period just after the pandemic slashed 2020 earnings by 88%.

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