H&M reports Q2 loss, H1 turnover drops by 23 percent

Net sales at Hennes & Mauritz AB (H&M) decreased by 50 percent to 28,664 million Swedish krona (3,070.5 million dollars) in the second quarter. Also in local currencies, net sales decreased by 50 percent. Net sales in the six-month period decreased by 23 percent to 83,612 million Swedish krona (8,956.8 million dollars), while in local currencies net sales decreased by 24 percent. The company said in a statement that sales development since February has been negatively impacted by the Covid-19 situation. Loss after financial items amounted to 6,482 million Swedish krona (694.3 million dollars) in the second quarter, while loss in the six month period amounted to 3,978 million Swedish krona (426.1 million dollars).