According to a new report, figures show a sharp improvement in earnings in the second quarter of 2021 for the Swedish fashion giant H&M although the company recently took a hit in sales in China after consumers there called for a boycott.
The new report sees an increase of 75 percent in overall net sales measured in local currencies in the second quarter of 2021 compared to the same period last year despite a 23 percent year-on-year drop in sales in China.
Converted to Swedish krona, sales revenues in the second quarter of the year ended at SEK 46.5 billion which corresponds to an increase of over 60 percent compared with the same period last year.
H & M, which counts China as one of its biggest markets for sales, remains off Tmall and Chinese mobile phone makers’ app stores, and H&M tells analysts and reporters the situation in China remains “complex”.
The fashion retailer is however optimistic about the future and commenting on the report, CEO Helena Helmersson says, “Despite continued restrictions, sales increased significantly compared with the previous year. The third quarter has started well and we are almost back at the level we were at before the pandemic.”