Merchandising

H&M sees sales dip in Q2

Photo by istock.com

June 22, 2020

The second biggest fashion retailer in the world, H&M, saw net sales drop 50% in its second fiscal quarter compared to a year ago primarily due to the impact of the ongoing COVID-19 pandemic which shuttered retailers worldwide for nearly three months. About 18% of its 5,000-plus stores still remain closed.

The total net sales, according to a MSN report, were $3.1 billion and local currency sales in the first two weeks of June are down 30%.

H&M will report on its full quarterly earnings on June 26.