In the three months to May 31, sales halved as the fashion retailer was forced to close around 80% of its store estate by mid-April.

H&M also noted that sales from June 1 to June 24 dropped 25% in local currencies year-on-year, indicating a 50% improvement from the second quarter. 

Currently 350 of its stores remain closed globally, representing 7% of the total estate, but the Swedish fashion house added that many of those stores which are opened are restricted by local regulations and reduced opening hours.