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Fast fashion bounces faster than you expect

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Hennes & Mauritz OF reported a 16 percent drop in third-quarter sales in local currencies and said he expects to post a profit for the period as activity rebounded faster than expected. “data-reactid =” 19 “>PARIS Hennes & Mauritz OF reported a 16% decline in third-quarter sales in local currencies and said he expects to post a profit for the period as business rebounded faster than expected.

H&M GroupThe recovery is better than expected, the Swedish fast fashion retailer said in a statement. “data-reactid =” 20 “> Thanks to popular collections and rapid and decisive actions, the H&M GroupThe recovery is better than expected, the Swedish fast fashion retailer said in a statement.

 “data-reactid =” 28 “> Net sales for the three months ending August 31 were 50.87 billion Swedish kronor, or $ 5.81 billion, down 19 percent when converted to Swedish crowns.

 “data-reactid =” 29 “> The retailer started the quarter with the closure of 900 stores on a network of 5,000, by the end of the period, 200 were closing.

H&M expects a pre-tax profit of SEK 2 billion in the third quarter, which it will release on Oct. 1, thanks to more comprehensive sales and strong cost control efforts, according to the group.

The retailer reported a loss in the first half as the coronavirus crisis took a heavy toll on business, and outlined plans to focus on digital channels and accelerate store closings. Sales of reopened stores have recovered faster than expected by the group.

Fast-fashion retailers usually revisit their global retail networks, eliminating underperforming stores and opening new ones, but H&M has stepped up the pace of closings and reduced planned openings, and in June projected a net decrease in ‘approximately 40 locations.

Inditex has focused on its digital prowess to navigate a hectic environment and is investing nearly € 3 billion over the next two years to strengthen its digital platforms and integrate online store and stock. The Spanish retailer is also sticking to its strategy of selecting small stores to focus on larger, more refined flagship products. The COVID-19 disruptions have not called for a review of this approach, executives said. “Data-reactid =” 33 “> Rival Inditex has focused on its digital prowess to navigate a hectic environment and is investing nearly € 3 billion over the next two years to strengthen its digital platforms and integrate online store and stock. The Spanish retailer is also sticking to its strategy of selecting small stores to focus on larger, more refined flagship products. The COVID-19 disruption did not call for a review of this approach, executives said.

Inditex and H&M. Inditex expects the online channel to account for more than a quarter of total sales in 2022, up from 14% last year. “Data-reactid =” 34 “> The lockout period boosted online activity in both Inditex and H&M. Inditex expects the online channel to account for more than a quarter of total sales in 2022, up from 14% last year.

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