Home / Knowledge / News / Announcement / H&M to decrease store count by 40 in 2020

H&M to decrease store count by 40 in 2020

08
Jul '20
Pic: H&M
Pic: H&M
Swedish fashion retailer H&M Hennes & Mauritz AB has increased the pace of store closures for full-year 2020 while reducing the number of openings compared with what was previously planned. The company has planned store closures at around 170 locations and around 130 new store openings, resulting in a net decrease in the number of stores of around 40.

“I am full of admiration for our employees’ commitment, drive and perseverance during this very challenging time. As we have reopened our stores, sales have begun to recover at a faster rate than expected. To meet the rapid changes in customer behaviour caused by Covid-19 we are accelerating our digital development, optimising the store portfolio and further integrating the channels. With our ambitious sustainability work we want to continue to lead fashion retail towards a more sustainable future,” said H&M CEO Helena Helmersson in the company's six-month report for December 1, 2019 to May 31, 2020.

"During the pandemic it became clear how important it is that the digital and physical channels interact to meet customers’ needs. When the majority of the stores were temporarily closed in the second quarter, we focused on redirecting product flow to our digital channels, which remained open at all times in nearly all our online markets. Online sales increased by 36 percent in SEK during the quarter," Helmersson said.

The positive development of online sales has continued since we began reopening our stores. As the stores have reopened, our total sales have gradually begun to recover. Our pace of recovery varies greatly between markets, partly because local restrictions differ, but has so far been better than expected, she added.

For the second quarter ended May 31, 2020, H&M reported 50 per cent sales decline to SEK 28,664 million, compared to sales of SEK 57,474 million in same period prior year. However, online sales increased 36 per cent during Q2 FY20. Company incurred a loss of SEK 4,991 million in the quarter.

Fibre2Fashion News Desk (RKS)


Must ReadView All

Pic: Shutterstock

Textiles | On 11th Aug 2020

Pandemic likely to hit women disproportionately hard: WTO

Although the economic impact of COVID-19 pandemic is still emerging,...

Pic: Shutterstock

Apparel/Garments | On 11th Aug 2020

Turkey's apparel exports decline 23.29% in H1 2020

Apparel exports from Turkey decreased by 23.29 per cent in the first...

Pic: cdrin / Shutterstock.com

Retail | On 11th Aug 2020

US retail imports in 2020 to be lowest in 4 years: NRF

Imports at major US retail container ports during 2020 are expected...

Interviews View All

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Akash Sehgal,

Akash Sehgal

Part of retail and hospitality conglomerate Landmark Group in Dubai,...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search