H&M is upbeat about future growth as it received a positive feedback to latest collections and recovery has been better than expected. Full-price sales, combined with strong cost control, enabled the company to turn to profit in the third quarter with profit before tax reaching SEK2 billion.

H&M’s sales decline in Q3 narrowed to 16 per cent. In Swedish currency, the brand’s sales declined 19 per cent to SEK50.870 billion. The brand closed around 900 of its 5,000 stores at the beginning of the pandemic. Though many of these stores have reopened, around 200 were still shut by quarter-end.

Hennes & Mauritz AB is a Swedish multinational clothing-retail company known for its fast-fashion clothing for men, women, teenagers and children. As of November 2019, H&M operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions. It is the second-largest global clothing retailer. The company has a significant online presence, with online shopping available in 33 countries.