Low-cost fashion chain H&M sees sales 16% drop due to virus

Swedish low-cost fashion brand Hennes & Mauritz AB says its third quarter sales fell 16% to 51 million kronor ($ 5.7 million), largely as a result of the COVID-19 pandemic

STOCKHOLM — Swedish low-cost fashion brand Hennes & Mauritz AB said Thursday its third quarter sales fell 16% to 51 million kronor ($ 5.7 million), largely as a result of the COVID-19 pandemic.

At the beginning of the quarter, approximately 900 of the group’s more than 5,000 stores were temporarily closed. At the end of the quarter just over 200 stores were temporarily closed.

The Stockholm-based retailing group said its profit after tax for the period June 1– Aug. 31 amounted to 1.8 billion kronor ($200 million). A year earlier, it had reported a profit of 3.9 billion kronor.

“Through much-appreciated collections and rapid, decisive actions, we returned to profit already

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