H&M is at an up-to-date stage for potential development as it has earned better than expected positive reviews on new collections. Combined with high-cost management, Full Price revenue allowed the business to turn a profit before tax to SEK 2 billion in the third quarter.
In the third quarter, H&M decreased its revenue to 16%. The brand’s profits fell to SEK50.870 billion in Swedish currency by 19%. At the height of the pandemic, the company closed about 900 of its 5,000 stores. While several of them have opened again, nearly 200 are closed down by the end of the fourth.
Hennes&Mauritz AB is an international Swedish clothing store renowned for its quick-mode apparel for men, women, teens and children. H&M operates, with 126 000 full-time equivalent jobs, in more than 5,000 stores in 74 countries, as of November 2019. It is the second-largest retailer of international apparel. The business is active in 33 countries and has a large online presence.