June 26, 2020 / 6:18 AM / a month ago

H&M slumps to slightly bigger than expected Q2 loss as pandemic weighs

STOCKHOLM, June 26 (Reuters) - Sweden’s H&M, the world’s second-biggest fashion retailer, reported on Friday a slightly bigger fiscal second-quarter loss than expected as pandemic closures weighed and said local-currency sales so far in June were down 25%.

Pretax loss in the March-May period was 6.48 billion crowns ($695 million) against a year-earlier profit of 5.93 billion. Eight analysts had on average forecast a 6.44 billion crown loss, according to Refinitiv data.

H&M, which had warned in April it would swing into a loss due to the pandemic, said it would speed up store closures and open fewer new stores this year than planned earlier.

$1 = 9.3185 Swedish crowns Reporting by Anna Ringstrom; editing by Niklas Pollard

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