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H&M posted a loss of 292 million euros in the first half of the fiscal year (December to May), which was due to the Covid-19 pandemic, the Swedish fashion chain, present in Portugal, announced on Friday.
A year ago, in the same period under review, it had reported a profit of 512 million euros, H&M said in a statement.
Net operating income (Ebit) fell 60% to 661 million euros, while gross margin rose from 52.9% to 49.4% of sales, according to the balance sheets and accounts presented in Stockholm on Friday.
Sales fell 25% between June 1 and 24 in local currencies, said the Swedish company, which keeps 350 outlets closed, about 7% of the total. In addition, a large number of stores that are open face limited restrictions and opening hours.
H&M also reported that in the second quarter (March to May), net income rose from 435 million euros in the previous year, to a loss of 476 million euros in the fiscal year under review.
Sales reached 2,731 million euros, down 50% in local currencies than in the previous fiscal year and in a quarter in which 80% of H&M stores closed due to the crisis caused by the new coronavirus.
The company’s liquidity, on the other hand, “is good” and amounted on May 31 to 1,210 million euros and adding up the unused credit facilities totaled 2,976 million euros.