The Swedish retailer, H&M, achieved net sales of € 18.4 billion and an operating profit of only € 305.5 million, five times less than in 2019. By contrast, in 2019 net sales reached € 22.9 billion, and profit at € 1.7 billion.
In 2020, 80% of the almost 5,000 H&M group stores were closed for certain periods, which led to poorer performance than in 2019. The digitization of stores has also intensified, so the H&M online store in Australia has opened, and COS, Monki, and other stores have been opened online in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Lithuania etc.
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