Hennes&Mauritz’s sales figures are disappointing

The Swedish fashion chain Hennes & Mauritz (H&M) is struggling with disappointing sales figures this autumn. Consumers spent less money on clothes during a new round of lockdowns in the fourth quarter.

From September to the end of November sales fell by 10 percent compared to a year earlier. This was mainly due to a lower demand for clothing in October and November. In those months, turnover fell by 22 percent compared to last year. In September, sales were about the same as in the same month last year. During the whole of the broken business year, the Swedish company saw its turnover fall by 18%, and put it in the books of 187 billion Swedish kroner (about 18.3 billion euros).

H & M had to start the new business year with the closing of shops in, among others, the Netherlands, Germany and the United Kingdom, where the number of Coronas is growing rapidly. In October, the fashion chain announced the permanent closure of 250 stores next year, a 5 percent reduction in the total number of stores.