H&M plans to close 250 stores worldwide

Worldwide
Published:  02 October, 2020

The Swedish fast-fashion retailer said the Covid-19 pandemic has led to sales moving to its online platform.

H&M, which has about 5,000 stores worldwide said that although sales recovered in September, they were 5% lower than in the same month of 2019. The retailer has not disclosed further details of the closures but said they would vary from market to market. The Swedish headquartered fashion Group said its recovery is better than expected and that more full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter. Profit before tax was approximately SEK2 billion (US$224.29 million) for the third quarter, from June 1 2020 to August 31, 2020.