A pedestrian carries a Hennes & Mauritz AB H&M shopping bag on Oxford Street in London, United Kingdom, on Wednesday, October 21, 2020.
Hollie Adams | Bloomberg | Getty images
Sales at H&M, the world’s second-largest fashion retailer, fell less than expected in the three months to February, when it was hit by the second wave of the COVID-19 pandemic.
The Swedish group said on Monday that net sales fell 27% from a year earlier, or 21% measured in local currency, to 40.1 billion kronor ($ 4.72 billion).
Analysts had predicted, on average, a 30% decline in net sales over the period, H & M’s fiscal first quarter, according to Refinitiv SmartEstimate.
H&M said sales grew 10% in local currency in March from March 1–13.