The H&M group’s net sales increased by 8 percent to SEK 54,948 m (51,015) in the first quarter. In local currencies, net sales increased by 5 percent compared with the same quarter the previous year.
Excluding the markets that were most affected during the quarter by the situation linked to the coronavirus Covid-19, the H&M group’s sales increased during the quarter by 7 percent in local currencies.
- Online sales increased by 48 percent in SEK and 44 percent in local currencies. Gross profit increased by 10 percent to SEK 28,034 m (25,526). This corresponds to a gross margin of 51.0 percent (50.0).
- As a result of the rapid global spread of the Covid-19 virus, sales have decreased significantly. As at 31 March, a total of 3,778 out of 5,065 stores were closed. Net sales in March 2020 decreased by 46 percent in local currencies compared with March 2019. Online sales in March 2020 increased by 17 percent in local currencies. Digital sales channels remain open in 47 of the group’s 51 online markets.
- In China demand has gradually started to recover. More or less all of the group’s stores have now reopened and sales have gradually increased.