H&M sales rose in the first half of this month, after stores reopening

H&M sales rose in the first half of this month, after COVID-19 restrictions eased in some markets, allowing the reopening of stores.

Net sales fell 27%, or 21% in local currency, to SEK 40.1 billion ($ 4.72 billion).

Analysts expected a 30% decline in sales between December 2020 and February 2021, H&M’s first fiscal quarter.

Local currency sales rose 10% in the first half of this month amid store reopening, including the company’s largest market, Germany.

As of March 13, about 900 of the approximately 5,000 H&M stores were closed due to restrictions.