H&M faced declining sales in Ukraine

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In 2019, from March to the end of May, the company’s sales in Ukraine were $ 5.5 million

H&M faced a decline in sales in Ukraine. Photo: brit.co

Swedish company H&M, which owns Europe’s second-largest clothing store chain, has cut earnings in its Ukrainian stores by 76% in the second financial quarter – from 1 March to 31 May. Most of the coronovirus epidemics of this period coincided with quarantine in Ukraine.

As indicated in the company’s report, for the second fiscal quarter, which ended on May 31, H&M sales in Ukraine totaled 11 million Swedish kronor ($ 1.18 million) as of 2019 (51 % Swedish kronor) has 4.6 times less than comparable period. , Or $ 5.5 million). Thus, the decline in the Swedish crown was 78%, in hryvnia – 76%.

As of May 31, the H&M network consisted of three stores in Ukraine (all in Kiev).

In general, in the six months of the first financial half of the year, H&M decreased revenue by 19% – 70 million SEK (86 million SEK for the same period in 2019), while sales at Hryvnia fell by 28%.

On 11 June, H&M opened its fourth outlet in Ukraine – at Dream Town Shopping Center.

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Last week, the charity eco-organization Earthsite announced that suppliers of Swedish furniture maker IKEA were using illegally logged wood from Ukraine.

Read: H&M Group launches online clothing rental in China

According to the content interfax.com.ua

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