H&M India’s net sales grow by 30% in H1 of 2021 albeit on a lower base

H&M India’s net sales, during the six-month period ended May 31, 2021, grew by 30 per cent to Rs 836.6 crore from Rs 645.86 crore in the corresponding period previous year.

The group’s net sales in local currencies increased by 12 per cent in the first half of 2021 compared with the corresponding period last year.

The pandemic led to reduced footfall as a result of continued restrictions and store closures. At the most, around 1,800 stores were temporarily closed, i.e. around 36 percent of the group’s total number of stores.

In India, the retailer’s net sales jumped by over 200 per cent to Rs 307 crore, albeit on a lower base during the second quarter spanning from March 01-May 31, ’21.

In the year-ago quarter, its net sales had dipped by 70 per cent y-o-y dip as India remained under a strict lockdown for most of the period.

The retailer operates 50 stores in the country—apart from its own e-commerce channel as well sales on e-commerce marketplace Myntra. It was quick to roll out more comfort and casual wear as the pandemic struck last year.