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H & M Group H & M Hennes & Mauritz AB Three - month report First quarter ( 1 December 2020-28 February 2021 ) The H & M group's net sales amounted to SEK 40,060 m ( 54,948 ) in the first quarter . In local currencies , net sales decreased by 21 percent . The second wave of the pandemic resulted in extensive restrictions . At the most , around 1,800 stores were temporarily closed , i.e. around 36 percent of the group's total number of stores . Online sales continued to develop very well . Gross profit amounted to SEK 19,057 m ( 28,034 ) . This corresponds to a gross margin of 47.6 percent ( 51.0 ) . Profit after financial items amounted to SEK -1,389 m ( 2,504 ) . The group's profit after tax amounted to SEK -1,070 m ( 1,928 ) , corresponding to SEK -0.65 ( 1.16 ) per share . Cash flow from operating activities amounted to SEK 5,936 m ( 6,837 ) . Net debt in relation to EBITDA excluding IFRS 16 amounted to -0.2 ( 0.1 ) , i.e. net debt has turned into net cash . The H & M group issued a EUR 500 m sustainability - linked bond with the aim of financing , among other things , an accelerated transition to recycled materials . The bond , which was 7.6 times oversubscribed , has a term of 8.5 years and a coupon rate of 0.25 percent . Sales increased by 55 percent in local currencies in the period 1 - 28 March 2021 compared with the same period in 2020 . In the first quarter , the programme to streamline invoice management and payment processes has freed up just over SEK 3 billion of the around SEK 10 billion that is expected to be freed up in 2021 . H & M's customer loyalty programme now has over 120 million members in 26 markets . H & M's members can now get points for more conscious choices such as bringing in old clothes for H & M's garment collecting , choosing climate - smart delivery options , bringing their own bag when shopping and choosing products made from more sustainable materials . The H & M group's sustainability report , Sustainability Performance Report 2020 will be published today at hmgroup.com . In March H & M opened online in Qatar via franchise and H & M has also been successfully launched on the e - commerce platform Zalora in Indonesia . In April the launch of H & M on Zalora will be extended to the Philippines , Malaysia and Singapore . " While we are humbled by the uncertainty that still exists due to the pandemic , it's fantastic to see the great interest in our collections . With a well - positioned customer offering we are continuing our transformation at full speed to create long - term sustainable and profitable growth for the H & M group , " says Helena Helmersson , CEO . H & M Group H.M COS WEEKDAY MONKI H & M HOME & other Stories ARKET AFOUND Q1 H & M