BUSINESS | H&M Says Recovery Uneven After March – May sales tumble 50%

STOCKHOLM – H&M, the world’s second-biggest fashion retailer, on Monday reported a sharp but slightly smaller than expected drop in second-quarter sales as measures to slow the COVID-19 pandemic slammed the sector.

The Swedish company’s net sales for the three months to May 31 fell 50% from a year earlier to 28.7 billion crowns. Analysts had on average forecast a fall to 27.5 billion, Refinitiv data shows. Online sales jumped 36%.

H&M, which began gradually reopening in late April about 80% were shuttered by the pandemic, said local – currency sales in the first 13 days of June were down 30%.

‘The pace of the sales recovery varies largely between markets’, it said.

H&M, which reports full quarterly earnings on June 26, said 18% of 5,058 stores remain closed temporarily.

RBCanalyst Richard Chamberlain, with a ‘sector perform’ rating on H&M, said he remained relatively cautious on the margin and inventory outlook, and predicted sales would keep recovery only gradually.

‘In many markets we expect to see customers preferring to shop and more pressure on urban locations more reliant on tourism and people using public transport’, he said.

H&Ms’ biggest rival Inditex, the owner of Zara, recorded a 44% sales drop for the February – April period, with constant – currency sales down 34% over June 2-8.

Shares in H&M, which has flagged its first loss in many decades for the second quarter, were down 2% in early trade and 26% so far this year.

Before the pandemic, H&M was well on its way to end a year-long rise in inventories after many stores struggled with digitalization and tougher competition.

Chamberlain said inventory had been tightly controlled through the pandemic but he expected it to have risen in May as delayed products from China and Bangladesh arrived in stores.


BUSINESS | Nestle To Invest 3.2 Billion Sfr To Cut Carbon Emissions

Zurich – – Nestle said on Thursday it plans to invest 3.2 billion Swiss francs ($3.58 billion) over the next five years to reduce its climate impact and help it get to net zero emissions by 2050. The world’s biggest food company said it would work with farmers and suppliers to promote regenerative agriculture, plant … Continue reading BUSINESS | Nestle To Invest 3.2 Billion Sfr To Cut Carbon Emissions

NEWS ALERT | Iran Ready To Show Goodwill If U.S., Europe Abide By Nuclear Deal: Zarif

MILAN – – Iran will fully comply with a 2015 deal aimed at preventing it from developing nuclear weapons if both the United States and Europe honour their original commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Thursday. U.S. President Donald Trump quit the pact in 2018, saying it did not do enough to … Continue reading NEWS ALERT | Iran Ready To Show Goodwill If U.S., Europe Abide By Nuclear Deal: Zarif

BREAKING NEWS | Multiple Casualties At English Warehouse Blast, Fire Brigade Says

LONDON – – A large blast in a warehouse near Bristol in England has caused multiple casualties, a spokeswoman for the fire brigade said on Thursday. The fire service had previously said on Twitter that it was responding to an incident after being called to a large explosion in Avonmouth, south west England. It said … Continue reading BREAKING NEWS | Multiple Casualties At English Warehouse Blast, Fire Brigade Says

BREAKING NEWS | WHO Looks at possible ‘E-Vaccination certificates’ for travel

GENEVA – – The World Health Organization does not recommend countries issuing ‘immunity passports’ for those who have recovered from COVID-19, but is investigating the prospects of using e-vaccination certificates, a WHO medical expert said on Thursday. ‘We are looking very closely into the use of technology in this COVID-19 response, one of them how … Continue reading BREAKING NEWS | WHO Looks at possible ‘E-Vaccination certificates’ for travel

ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying. The initiative, which falls under the Kingdom’s National Transformation Program, was launched by the ministry last … Continue reading ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

CULTURE | Red Sea Film Festival Presents Restored Al – Naami Works

JEDDAH – – The Red Sea Film Festival will host an exhibition celebrating the work of photographer and cinematographer Safouh Al – Naamani (1926 – 2016) and a screening program of contemporary Saudi and Arab cinema as part of Misk Art Week 2020, which will take place from Dec. 3-7 at the Prince Faisal bin Fahd Fine Arts Gallery, Riyadh. The … Continue reading CULTURE | Red Sea Film Festival Presents Restored Al – Naami Works

BUSINESS | Saudi International Airshow Postponed Due To Covid -19

The 2021 edition of the Saudi International Airshow has been postponed in consideration of the COVID-19 pandemic, the Saudi Press Agency has to reported. The Saudi Aviation Club said the cancellation was necessary to prioritize the safety of participants and visitors of the event, which was initially set to happen early next year at the … Continue reading BUSINESS | Saudi International Airshow Postponed Due To Covid -19

POLITICS | Ivanka Trump Questioned Under Oath In Lawsuit Over Use Of Inauguration Funds

NEW YORK – – Ivanka Trump, the president’s daughter and adviser, was questioned under oath this week as part of a civil lawsuit alleging misuse of nonprofit funds for Donald Trump’s inauguration four years ago.  District of Columbia Attorney General Karl Racine’s office disclosed in a court filing on Tuesday that the deposition had taken … Continue reading POLITICS | Ivanka Trump Questioned Under Oath In Lawsuit Over Use Of Inauguration Funds

BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic. Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S … Continue reading BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

BUSINESS | U.S States Plan To Sue Facebook Next Week: Sources

WASHINGTON – A group of U.S. states led by New York is investigating Facebook Inc. for possible antitrust  violations and plans to fill a lawsuit against the social media giant next week, four sources familiar with the matter said on Wednesday. The complaint would be the second major lawsuit filed against a Big Tech company … Continue reading BUSINESS | U.S States Plan To Sue Facebook Next Week: Sources

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