Coronavirus lockdown has severely impacted the business of fast fashion retailer Hennes & Mauritz (H&M). The company has reported 74% decline in sales for the quarter ended May 2020. This loss has been attributed to forced store closures caused by government announced lockdown to curb Covid 19.
The company has reported sales of Rs 90 crore in the second quarter. During the six-month period ended May, it clocked Rs 602 crore, a 19% fall compared to a year ago.
"There have been some limited disruptions in the supply chain particularly Bangladesh and India, these are now resolved, so we don't expect a big backlog into the third quarter," said H&M's chief financial officer Adam Karlsson in an investors call.
Globally, the group's net sales dropped by 50% as stores were temporarily closed in many markets.