Home / Knowledge / News / Retail / H&M plans to shut 250 stores globally in 2021

H&M plans to shut 250 stores globally in 2021

01
Oct '20
Pic: JHVEPhoto / Shutterstock.com
Pic: JHVEPhoto / Shutterstock.com
Sweden’s H&M Group’s net sales amounted to SEK 134,482 million in the first nine months of the financial year. Sales development was significantly affected by the COVID-19 situation, particularly in the second quarter when nearly four-fifths of the group’s stores were closed in most markets. The group plans to close around 250 stores in 2021.

Its net sales amounted to SEK 50,870 million in the third quarter. In local currencies, net sales decreased by 16 per cent. At the beginning of the third quarter, nearly 900 of the group’s more than 5,000 stores were temporarily closed. At the end of the quarter, just over 200 stores were temporarily closed.

The group’s liquidity remains good. As of 31 August, cash and cash equivalents amounted to SEK 12,138 million. Cash and cash equivalents plus undrawn credit facilities totalled SEK 41,413 million, the company reported.

Sales in September 2020 decreased by 5 per cent in local currencies compared with the same period last year. Currently, 166 stores, representing 3 per cent of the total number of stores, are closed. A large number of stores still have local restrictions and limited opening hours.

“As a result of much-appreciated collections together with rapid and decisive actions, our recovery is going better than expected. We have strong, profitable online growth, and more and more stores have been able to open again. With more full-price sales than expected and strict cost control, we returned to profit already in the third quarter…. Although the challenges are far from over, our assessment is that the worst is behind us and we are well placed to come out of the crisis stronger,” chief executive officer Helena Helmersson said in a statement.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 29th Oct 2020

Bangladesh restored 40% of cancelled RMG orders: minister

Bangladesh foreign minister AK Abdul Momen recently said the...

Pic: Shutterstock

Textiles | On 29th Oct 2020

Uzbek trade body, Indonesian textile firm mull cooperation

Representatives of the Uzbekistan Textile and Garment Industry...

Pic: Shutterstock

Textiles | On 29th Oct 2020

PRC unofficially boycotts Australian cotton, imports halt

All cotton exports by Australia to China have reportedly stopped...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Joachim Maier,

Joachim Maier

Switzerland-based Uster Technologies AG is the leading high technology...

Jos Notermans,

Jos Notermans

SPGPrints is a global provider of integrated solutions for rotary screen...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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


October 2020

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


Advanced Search