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weekday news and archive

Report

H&M expects to post profit in Q3

In the third quarter 2020, for the period June 1, 2020 to August 31, 2020, the H&M group’s net sales decreased by 16 percent in local currencies compared with the corresponding period last year. Converted to SEK, the company said in a statement, net sales decreased by 19 percent to 50,870 million Swedish krona (5,807 million dollars). The...

Sep 15, 2020

Management

H&M reports Q2 loss, H1 turnover drops by 23 percent

Net sales at Hennes & Mauritz AB (H&M) decreased by 50 percent to 28,664 million Swedish krona (3,070.5 million dollars) in the second quarter. Also in local currencies, net sales decreased by 50 percent. Net sales in the six-month period decreased by 23 percent to 83,612 million Swedish krona (8,956.8 million dollars), while in local currencies...

Jun 26, 2020

Management

H&M reports 50 percent drop in Q2 sales

In the second quarter to May 31, 2020, the H&M group’s net sales decreased by 50 percent to 28,664 million Swedish krona (3,050 million dollars) compared with the corresponding period last year. In local currencies, the company said in a statement, net sales also decreased by 50 percent. Online sales during the quarter under review, increased by...

Jun 15, 2020

Report

Hit by Covid-19, H&M sales fall by 57 percent

The H&M group’s total sales during the period March 1 to May 6 this year decreased by 57 percent in local currencies compared with the same period in 2019. Online sales, the company said in a statement, which are open in 46 of the company’s 51 online markets, increased by 32 percent in the same period. Around 80 percent of the group’s stores...

May 7, 2020

Business

H&M signs 980 million euro credit facility to boost liquidity buffer in response to Covid-19

H&M Hennes & Mauritz AB has signed a new 12 months 980 million euros revolving credit facility with a six months extension option in order to further strengthen its liquidity buffer and financial flexibility in response to the Covid-19 situation. The company said in a statement: “The H&M group’s liquidity remains good. The group is continuing...

Apr 8, 2020

Management

H&M Q1 sales and profit up but forecasts loss and job cuts due to Covid-19

For the first quarter to February 29, 2020, Hennes & Mauritz (H&M) group’s net sales increased by 8 percent to 54,948 million Swedish krona (5,433 million dollars), while in local currencies, net sales increased by 5 percent compared with the same quarter the previous year. The company added that profit after financial items more than doubled to...

Apr 3, 2020

Management

COVID-19 impact: H&M scraps dividend, warns it may cut thousands of jobs

Hennes & Mauritz AB has announced through a statement that due to the rapid spread of the coronavirus and its impact on the business, the company is reviewing the situation market by market based on local conditions. H&M said, dialogue about temporary layoffs has been initiated in a number of markets and will be followed by further temporary...

Mar 23, 2020

Retail

All H&M stores in the US and Germany shut shop

The Hennes & Mauritz (H&M) group is temporarily closing all stores in Germany and the US. The company said in a statement, due to the Covid-19 situation the H&M group will temporarily close 460 stores in Germany from March 18, based on decisions by the German authorities. In addition, the group is also closing its 590 stores for two weeks in the...

Mar 18, 2020

Management

H&M reports profit and turnover increase in 2019

Net sales at H&M Hennes & Mauritz AB increased by 9 percent to 61,694 million Swedish krona (6,399 million dollars) in the fourth quarter, while in local currencies net sales increased by 5 percent. The company said in a statement that net sales in the financial year 2018/2019 increased by 11 percent and amounted to 232,755 million Swedish krona...

Jan 30, 2020

Report

H&M says full year sales 11 percent ahead of 2018

Hennes and Mauritz AB (H&M) has announced through statement that the group continued to grow globally during 2019 in a rapidly changing fashion industry. The H&M group’s net sales increased by 11 percent to 232,764 million Swedish krona (24,836 million dollars) in the financial year of 2019, while in local currencies, net sales increased by 6...

Dec 16, 2019

Fashion

Weekday uses circular IFC fabric in new collaboration

Weekday has become the first brand globally to create a garment using a new sustainable fabric by Infinited Fiber Company (IFC). The H&M Group-owned fashion brand chose fabric from the textile startup as the focal point of a new product that raises awareness of the importance of a circular fashion industry. The brand has created a new two-piece...

Nov 26, 2019

Fashion

H&M's Weekday brand tests out custom-made jeans

Weekday, a Swedish denim and fashion brand owned by the H&M Group, is piloting a new program to offer custom-made jeans. The program utilizes emerging technologies through the company's innovation hub The Laboratory to create products with unique sizes and fits at affordable prices. "We always have our customers at the heart of everything we do,...

Nov 22, 2019