Covid-19 pandemic weighs on clothing retailer H&M sales

Swedish clothing retailer Hennes & Mauritz (H&M) on Tuesday said fourth-quarter sales were down by one 10th due to the coronavirus pandemic that included temporary store closures.

Sales, measured in local currencies, dropped 10% year-on-year in the September-to-November period. The quarterly sales were worth 52.5 billion kronor (6.25 billion dollars).

For the financial year ending 30 November, net sales decreased by 18% in local currencies to 187 billion kronor, the currency H&M reports in.

The year started off "strongly" but this was stalled by the first coronavirus wave.

Second wave

Sales recovered in the third quarter, but declined at the end of the fourth quarter amid the second virus wave.

The full-year report will be published 29 January.

The clothing retailer operates about 5,000 stores, including franchises, in 74 markets.