H&M reports loss in Q1

The Swedish fast fashion brand H&M reported on Wednesday a loss for its first fiscal quarter of 2021, reported Xinhua.

The company's first-quarter financial report showed that from December last year to February this year, the company had a pre-tax loss of 1.39 billion Swedish crowns, compared with a profit of 2.5 billion Swedish crowns the same period in the previous year.

The company's net sales in the first fiscal quarter were 40.06 billion Swedish crowns , a decrease of 27.1 percent from 54.95 billion Swedish crowns in the same period last year.