H&M to close 250 stores globally as customers move online

Fast fashion retailer H&M said it plans to close 250 stores worldwide next year after noting more and more of its customers rapidly shifting to online shopping during the coronavirus crisis.

Company CEO Helena Helmersson said the group had strong, profitable online growth during the August quarter, adding that overall sales continued to recover. However, year-on-year group-wide sales declined by 5 per cent in September.

“Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger,” Helmersson said.

H&M group’s net sales amounted to US$5.69 billion in the third quarter. In local currencies, net sales decreased by 16 per cent.

“Sales were…