H & M Hennes & Mauritz AB Three-month report
First quarter (1 December 2020 – 28 February 2021) ·The H&M group’s net sales amounted to SEK 40,060 m (54,948) in the first quarter. In local currencies, net sales decreased by 21 percent. The second wave of the pandemic resulted in extensive restrictions. At the most, around 1,800 stores were temporarily closed, i.e. around 36 percent of the group’s total number of stores. Online sales continued to develop very well. ·Gross profit amounted to SEK 19,057 m (28,034). This corresponds to a gross margin of 47.6 percent (51.0). ·Profit after financial items amounted to SEK