With the COVID-19 pandemic still not showing any signs of slowing down, many businesses are being forced to shut down.
One such affected business is fashion brand H&M.
Revenue, earnings down
reported that the popular fashion retailer is planning to shut down 350 out of its around 5,000 stores worldwide in 2021.
The ongoing pandemic has affected sales by a pretty big margin, the company revealed.
The company only brought in a revenue of 1.8 billion Swedish kronor (RM840 million) from June to August this year, compared to 3.9 billion kronor (RM1.82 billion) for the same period last year.
Revenue, meanwhile, fell 18.7 per cent to 51 billion kronor (RM27.8 billion), the company said.
"The rapid changes in customer behaviour have been accelerated by COVID-19. The H&M group is therefore now stepping up the pace of its transformation," the company said in its quarterly report.
The good news, however, is that it the Swedish brand is planning to open 100 new stores, while its online sales grew by 28 per cent during the third quarter.
"Our recovery is going better than expected... With more full-price sales than expected and strict cost control, we returned to profit already in the third quarter," CEO Helena Helmersson said in a statement quoted in the report.
Don’t worry, guys; H&M will still be around for a while.