H & M Hennes & Mauritz AB (abbreviated as H&M) is Swedish-based global clothing company operating in retail industry. The company which operates in ready-to-wear industry actively act as a retailer for all segments of the industry ranging from men, women, youth and children.
While living a reality of contraction due to pandemic related lockdowns and restrictions, H&M still has in excess of 140 global stores remain closed around the world.
Constant Rise in Net Sales
Based on the official statement published by H&M, it was apparent that the brand was affected by negative consequences of pandemic and in the same period, while the company forced to close its stores around the globe and since these closures have reduced net sales figures in total, negative environment was seen through the whole supply chain. However, with the re-opening of stores around March-May and with the rise in online sales, an increase was recorded in net sales.
Current data indicated that total sales of the company on a global basis increased by 62% compared to the preceding year, a record 62% per cent increase compared to the previous year. H&M announced that if the situation goes on and sales are high as this was the case after leaving the pandemic behind with positive figures, that they will re-open remaining stores that are now closed and will maintain their growth rate in sales.
