STOCKHOLM, June 15 (Reuters) - H&M, the world’s second-biggest fashion retailer, reported on Monday a sharp, but slightly smaller than expected, drop in fiscal second-quarter sales as COVID-19 and government initiatives to slow the pandemic slammed the sector.
Net sales in March through May fell 50% to 28.7 billion Swedish crowns ($3.06 billion) from a year earlier. Analysts had on average forecast a fall to 27.5 billion crowns, according to Refinitiv data.
Measured in local currencies, the drop was also 50%. Local-currency sales in the June 1–13 period were down 30%.
$1 = 9.3819 Swedish crowns Reporting by Anna Ringstrom; editing by Johannes Hellstrom