The sales volume of the Swedish clothing retail company Hennes and Mauritz (H&M) in Latvia in the first six months of this year was SEK 132 million or EUR 12.584 million, which is 25% less than last year, the company informed.
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The company said in a statement that the company still had nine stores in Latvia. No new stores were opened in Latvia in the first half of the year, as well as none of the existing stores were closed.
The H & M Group’s total sales in the first half of this year decreased by 23% to SEK 83.611 billion, or EUR 7.966 billion, compared to the same period a year earlier.
The H&M group as a whole has been significantly adversely affected by the situation in Covid-19, especially in the second quarter. However, the H&M group has acted promptly to deal with the situation.
The company said in a statement that the company is reviewing all parts of the business, including areas such as product purchasing, investment, rental, staffing and financing. As some stores closed, more attention was paid to digital sales channels.
“We have acted quickly and convincingly to manage the situation. When we resumed operations, sales began to grow faster than expected,” commenting on the company.
It has already been reported that H & M’s sales in Latvia in the first six months of 2019 were SEK 171 million (EUR 16.290 million).
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