Swedish fashion company H&asdfssdfsmp;M reported revenue of SEK 1.167 billion in the third quarter of 2020, which was much higher than the market’s original expectation of SEK 2.05 billion. Operating profit recovered to 4.6%, which was 0.6% higher than market expectations of 4.0%; but it was still 8% lower than the same period last year. In addition, sales in the third quarter fell sharply by 16%, reaching approximately 50.87 billion Swedish kronor.
H&asdfssdfsmp;M CEO HelenasdfsssdfsHelmersson said that due to the product’s popularity in the market, the company’s quick and effective response measures, and the full cooperation of its employees, H&asdfssdfsmp;M won the third place in the rankings. The quarter has returned to profitability. Although the challenge of the epidemic is not over yet, they believe that they have passed the worst moment, which has made H&asdfssdfsmp;M more resilient and stronger.
Although H&asdfssdfsmp;M’s performance is far better than market expectations, in response to the continued impact of the epidemic on the market, the group plans to close 250 stores in 2021. </p
