H&M will have around 40 stores less at the end of 2020

H&M net sales decreased by 23% to SEK 83,612 m (108,489) in the first half-year. In local currencies, net sales decreased by 24%.

Profit after financial items amounted to SEK -3,978 m. The group’s profit after tax amounted to SEK -3,063 m, corresponding to SEK -1.85 per share.

From 1 March since 31 May online sales increased by 36% in SEK and 32% in local currencies.

7% of H&M stores are still closed

From June 1st to date sales decreased by 25% in local currencies compared to the same period the previous year.

Currently 350 stores, representing 7% of the total number of stores, are still closed. A large number of stores still have local restrictions and limited opening hours.

A total of 48 of the group’s 51 online markets are open.

More store closures, less store openings

For 2020 the pace of closures is being increased and the number of openings reduced compared with what was previously planned.

Around 170 closures and around 130 openings are planned, resulting in a net decrease in the number of stores of around 40.

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