World-renowned fashion brands lost more than 50% of sales during the pandemic.
One of the biggest fashion retailers and fast-fashion creators, H&M, released today its earnings report. Soon after the pandemic started the store’s sales fell by 50%.
Between March and May, the sales fell by 50%, even though some stores were still open. Since the beginning of the month until past Friday, the total sales decreased by 30% compared to the same time last year.
Online sales managed to compensate for the closing of physical stores, as they increased by 36%.
The data comes as the UK stores reopen in the UK. H&M started to resume its store activity since the end of April, and until now, only 900 are still closed.
During today’s trading session, the stock price fell by 0.31%.
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Sources: marketwatch.com, essentialretail.com.
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