H&M reports drop in full year sales and profit

The H&M group’s net sales amounted to 187,031 million Swedish krona in the 2020 financial year. In local currencies, net sales decreased by 18 percent. The company said, sales development was significantly negatively affected by the pandemic, particularly in the second quarter when stores were temporarily closed in most markets; at the most, approximately 80 percent of the group’s stores were closed.