Sales at Hennes & Mauritz (H&M) have halved in the second quarter of 2020.
The latest figures from the clothing retailer reveal that net sales for the three months to 31 May were £2.45bn – 50% lower than the same period last year.
As H&M was forced to close four-fifths of its global stores during the Coronavirus pandemic, sales plummeted. However, as stores are reopening across the UK on Monday, sales are set to recover.
RBC analyst Richard Chamberlain said: “In many markets we expect to see customers preferring to shop locally and more pressure on urban locations more reliant on tourism and people using public transport.”
Shares in H&M closed 24% down this year on Friday.
Sales across the sector have suffered in the last quarter. Owner of Zara, Inditex (BME: ITX) reported a 44% drop in sales between February and April.
