STOCKHOLM (dpa-AFX) - Swedish retailer Hennes & Mauritz AB or H&M Group (HNNMY.PK, HMRZF.PK, HEN.L) reported Tuesday that its second-quarter net sales increased 62 percent to 46.51 billion Swedish kronor from last year's 28.66 billion kronor.
Net sales increased 75 percent in local currencies.
The company noted that sales development was continuously affected by the ongoing pandemic. At the start of the second quarter, around 1,300 stores were temporarily closed, while the open stores have had restrictions on opening hours, number of customers and store space, etc.
In major markets such as France and Germany, the stores were closed continuously almost throughout the quarter as a consequence of the extended restrictions.
At the end of the quarter, most of the H&M group's markets still had restrictions resulting in reduced footfall and around 140 of the stores globally remained temporarily closed.
Online sales have continued to develop very well, even as the stores have opened.
Regarding the current trading, the company noted that sales in the period June 1-13 increased 35 percent in local currencies from last year, and 2 percent from 2019 prior to covid.
Most markets in the H&M group are still subject to restrictions and on June 13, around 180 stores were temporarily closed.
Copyright RTT News/dpa-AFX