H&M announced its closure plans when presenting its quarterly results. In the third quarter, sales at H&M fell by 16 percent to 4.8 billion euros. This is mainly the result of the corona measures, which forced shops in many countries to close.
Profit before tax was also considerably lower: 2.3 billion krona (217.5 million euros) against 5 billion krona (473 million euros) in the same period last year. The profit decline was less than expected.
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