This is one of the many economic consequences of the health crisis. Swedish ready-to-wear giant H&M announced Friday, January 29, an annual net profit divided by ten because of the effects of the Covid-19 pandemic. More than a third of its approximately 5,000 stores are currently closed. During its slightly postponed annual financial year (December-November), the clothing heavyweight achieved a net profit of around 120 million euros (1.24 billion crowns), penalized by a net decline of 20% of its turnover, to 187 billion crowns.
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“Our measures to mitigate the negative effects of the ongoing restrictions and closures continue. Although the situation as of this writing is very difficult, the H&M Group is holding out.”, commented the boss of the group Helena Helmersson in the annual financial report, welcoming in particular to have kept the profits in the green.
“Sales were significantly affected by the pandemic, particularly during the second quarter”, during which up to 80% of shops were closed worldwide, summarizes the group.
Among its ten main markets, Hennes & Mauritz indicates to have suffered the most in France (-28% of turnover) and in Italy (-24%), two countries very affected by confinements, as well as in the United States. United Kingdom (-17%) and United Kingdom (-16%).