The H&M group will close 240 stores this year, according to the Swedish company’s quarterly report. The closures will take place in established markets, but further information on the exact locations will not be disclosed.
In addition to closing 240 stores, the group will also open 95 new stores in 2022. The openings are mainly planned for the Group’s growth markets.
The H&M group made a profit of 21 million euros in the first quarter of the current financial year. This is a significant improvement on the loss of 137 million euros in the previous year, but the profit still fell short of analysts’ expectations. They had expected a profit that was more than four times as high.
This translated and edited post previously appeared on FashionUnited.nl.