Sweden’s H&M sees second-quarter loss as pandemic slams March sales

spike

FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar

STOCKHOLM (Reuters) – H&M (HMb.ST), the world’s second-biggest clothing retailer, reported on Friday a 46% plunge in March sales as the coronavirus pandemic took its toll and said it expected to run a loss in its fiscal second quarter.

The pandemic has forced H&M to temporarily close most of its stores, flag big layoffs and scrap its annual dividend for the first time since its 1974 listing.

“With the dramatic decline in the market we have to

Read More