H&M has been shutting more stores and opening fewer over the past couple of years as it adapts to the online shift that is driving more competition. The retailer said earlier this year its net number of stores would decline already in 2020. “Overall, Q3 is a better quarter than expected and we think H&M continued to manage well what they could directly influence,” analysts at JPM said in a note. In the March-May quarter, the pandemic had pushed H&M into a steep loss, its first in many decades, as sales halved. H&M, which has struggled for years to stop a rise in inventories, said those were unchanged from a year earlier.

Source: bd News24 October 01, 2020 09:33 UTC