STOCKHOLM (Reuters) – Sweden’s H&M, the world’s second-biggest fashion retailer, said on Tuesday net sales fell 10% in local currencies in the fourth quarter with an accelerating slowdown towards the end of the September-November period.
Sales in the quarter fell to 52.5 billion Swedish crowns ($6.25 billion) from 61.7 billion a year earlier, with sales in local currencies down 10%.
“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.
(Reporting by Johannes Hellstrom; Editing by Simon Johnson)
