H&M’s full year profit slides despite positive growth in online sales

Swedish fashion retailer H&M’s online investments were unable to make up for lost store sales as the company reported a slump in full-year profit.

The world’s second largest clothing retailer said its full-year pretax profit fell to US$239.19 million (2.05 billion Swedish krona) for the year through November from $2.08 billion, hurt by restrictions and lockdowns.

Profit for the final quarter to November 2020 fell to $438.92 million from $650 million. Online sales increased by 50 per cent in local currencies.

Online sales for the financial year increased by 38 per cent in local currencies and 39 percent in SEK, representing 28 per cent of the group’s total sales for the full year 

“Taking decisive measures quickly,…