he H&M Group, a Swedish multinational clothing-retail company, has reported 75 per cent sales increase to SEK 46,509 million (Swedish krona) in its second quarter (Q2) FY21 ended on May 31, 2021, compared to SEK 28,664 million in the same period of previous fiscal. The group’s profit for the period rose to SEK 2,767 million (Q2 FY20: loss SEK 4,991 million).
“As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores. With the combination of much-appreciated collections, rapid adaptation and further improvements, our recovery is strong. Despite continued restrictions, sales increased significantly compared with the previous year,” Helena Helmersson, CEO at H&M Group, said in a press release.
Gross profit during Q2 FY21 was SEK 25,049 million (SEK 13,284 million), while operating profit was SEK 3,852 million (loss: SEK 6,188 million). H&M’s online sales for the reported period increased 32 per cent.