June 30 (SeeNews) - The net sales of Hennes & Mauritz (H&M) in Turkey dropped by 33% year-on-year to 800 million Swedish crowns ($85.4 million/76.2 million euro) in the first half of the fiscal year started December 1, the Swedish fashion retailer said.
In the local currency, H&M’s net sales in Turkey fell by 27% on the year in the six-month period ended May 31, the company said in an interim financial report last week.
In the second quarter of FY2020 alone, H&M sales plunged by an annual 71% to 189 million crowns.
H&M operated a total of 63 stores in Turkey at the end of May.
In Southeast Europe, H&M is also present in Bosnia and Herzegovina, Serbia, Romania, Croatia, Slovenia and Bulgaria.
(1 euro = 10.5016 Swedish crowns)