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H&M: Q2 sales halved

( - Hennes & Mauritz, the world's number two ready-to-wear company behind Inditex, recorded a 50% drop in sales in the past quarter, even though the decline fell short of expectations.

For Q2 from March to May the Swedish group recorded sales of 28.7 billion Swedish kronor (about 2.72 billion euros), compared to 57.5 billion Swedish kronor a year ago.

In local currency, quarterly sales also fell by 50%, while the consensus forecast a 52% drop.

H&M says its results were badly hit by the coronavirus epidemic, which forced it to close up to 80% of its stores in April.

However, the retailer now says that only 18% of its outlets remain closed today.

Another good piece of news is that the decline in sales slowed down in the first two weeks of June, falling by “only” 30% in local currencies y-o-y over the period.

However, on the Stockholm Stock Exchange, H&M shares were down around 1.5% on Monday morning, underperforming the OMXS30 index (down around 1%).

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