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H&M’s fourth quarter sales hit by second corona virus wave

H&M, the world’s second-biggest fashion retailer sale fell by 10% due to the second wave of corona virus.

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H&M, the world’s second-biggest fashion retailer sale fell by 10% due to the second wave of corona virus.

The Swedish rival to Zara owner Inditex said a recovery seen in the previous quarter had continued through the fourth quarter but that sales had been hit again in October. In the second wave and a few countries, the third wave of the corona has proved to be dangerous to health and the economy.

“Between 22 October and 30 November sales decreased by 22 percent compared with the corresponding period last year, as the recovery transitioned into a new slowdown as a result of the pandemic’s second wave,” H&M said in a statement.

H&M said sales in the quarter fell to 52.5 billion Swedish crowns ($6.25 billion) from 61.7 billion a year earlier. Moreover, it also got affected by the first wave of coronavirus.

H&M’s sales were showing good resilience before the latest wave of lock downs, however, they may now be affected by further restrictions on stores, such as in H&M’s largest market Germany,” RBC analyst Richard Chamberlain said in a note.

Citi analysts said they viewed the overall result as encouraging and reflecting “the path of transition H&M were undertaking pre-Covid.”

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