Good day. Thank you for standing by. Welcome to the three-month report for 2021. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star and zero. I would now like to hand the conference over to your speaker today, Helena Helmersson, Chief Executive Officer. Please go ahead. Hi, everyone, and thank you for joining us today. Welcome to this telephone conference about the H&M Group's first quarter results 2021. With me today is our Chief Financial Officer, Adam Karlsson, and Head of Investor Relations, Nils Vinge. I will start with a comment about the recent events surrounding H&M in China. I will give a summary of the first quarter, followed by current developments. After that, we will be happy to answer all your questions. You will find the three-month report on hmgroup.com Investor Relations. About the situation around H&M in China, it will be difficult for us to say more than the following comment today, and we do hope for your understanding. We are working together with our colleagues in China to do everything we can to manage the current challenges and find a way forward. China is a very important market to us and our long-term commitment to the country remains strong. Having been present there for more than 30 years, we have witnessed remarkable progress within the Chinese textile industry. Being at the forefront of innovation and technology, China will clearly continue to play an important role in further developing the entire industry. We are proud that our suppliers are being part of that development, and we want to continue contributing to driving progress together with our partners and stakeholders in the country. We want to be a responsible buyer in China and elsewhere and are now building forward-looking strategies and actively working on next steps with regards to material sourcing. Together with all relevant stakeholders, we want to collaborate to be part of the solution and jointly build a more sustainable fashion industry. As a global company, we comply with local laws and regulatory frameworks in all the markets where we operate. Our company values are built on trust, respect, integrity, and dialogue. We wish to focus on our core business and on what we do best, bringing fashion and design to our customers all around the world. We are dedicated to regaining the trust and confidence of our customers, colleagues, and business partners in China. By working together with stakeholders and partners, we believe we can take steps in our joint efforts to develop the fashion industry as well as serve our customers and act in a respectful way. Now moving over to the three-month report. Looking at the first quarter, the pandemic continued to have a big impact. At its most, around 1,800 or 36% of our stores were temporarily closed. Despite this, we managed to further strengthen the financial position of the group. Again, our teams have done a fantastic job in a very challenging time. I am truly impressed and proud of all our colleagues. We have managed to stay customer-focused and be flexible, striving to meet customer demand despite recurring lockdowns and restrictions. We clearly see that customers appreciate our offering when they have the opportunity to shop. When markets have been allowed to open, store sales have picked up, while at the same time, online sales have continued to perform very well. The pandemic has fast-tracked changes we saw happening in society already before, such as increased digitalization and sustainability awareness. Our pace of transformation is high, and thanks to significant investments in recent years, we can meet changing customer behavior and higher expectations with increased speed. We want to give our customers unbeatable value. Our focus remains on developing our unique brands and offer customers the best combination of fashion, quality, price, and sustainability. Our digital initiatives are continuing along with the development of our store network. We see that customers both want to see, feel, and try on the garments in real life and use digital channels to explore fashion, be inspired, and shop. Looking ahead, we will strengthen the interaction between the channels further in order to offer customers the best experience at all our brands. Our customer base is growing. One example of this is the rapid increase in the number of members of H&M's customer loyalty program. While we are humbled by the still uncertain situation due to the pandemic, it is fantastic to see the great interest that our customers are showing in our collection. Our customer offering is well-positioned, and we will continue our transformation at full speed to create long-term, sustainable, and profitable growth for the H&M Group. Thank you very much, everyone, for listening, and we are now happy to take your questions. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. Should you wish to cancel your request, please press the hash key. Your first question comes from the line of Fredrik Ivarsson of ABG Sundal Collier. Please ask your question. Thank you. Good morning, guys. Two questions from me, if I may. First one on the stock in trade and potentially any guidance on markdowns for Q2. I don't think you commented on it in the report, so if you could say anything about the composition and potentially also any guidance on what we should expect in terms of markdowns for the current quarter, that would be helpful. Yes. Hello, good morning. Adam here. We see that we have a very commercial composition in the stock, and that's reflected also in the selling, particularly in the online channel here. Overall, we see a healthy composition, but with the uncertainty of how the stores and the restrictions connected to how we can operate in the stores, we probably see a slightly increased need for markdowns compared to two years back. Of course, it's very difficult to assess how the coming months will evolve, but that's sort of our estimate at this point. A strong composition, but potentially if the stores can start to operate again, we could see a slightly elevated need for markdowns compared to two years back. Yeah, I appreciate it. That's very helpful. Thanks, Adam. The next question on the development in some markets where you haven't been as affected by lockdowns and so forth. I guess Australia, Russia, and China are three examples where you've seen a decent development. Can you say anything about what you see in those markets in terms of sales? Yes. As you saw in the report, sales during March, the first to 28th of March, is up compared to last year with 55%. If we look at some of the markets where we have had no or less restrictions, we do see that sales have good levels also compared to 2019. Thank you. Thank you. Your next question comes from the line of Richard Chamberlain of RBC. Please ask your question. Thanks very much. Morning, everyone. Couple from me then, please. First of all, on the two new logistics centers you've opened in the U.S., are both of those now fully operational? What are the plans for further automation in the group? That's my first question, please. The second one is on expectations for government support to continue in the second quarter. How do you view that at the moment compared to what you saw in Q1? I think it was a SEK 700 million benefit by the looks of it. That's my two questions. Thanks. Okay. Morning, Richard. Nils here. Morning, Nils. Regarding the logistics centers in the U.S., yes, they are up and running. Okay. We are continuously, of course, developing and looking to add more capacity in Northern America. Second question, Adam? On the government support, the uncertainty we communicated last year regarding how the situation will evolve also reflects in sort of the prognosis for how the governmental supports will evolve going forward. We're assessing both, of course, the restrictions market by market and also how it then is reflected in how the governments support the different companies and industries. It's difficult to give any guidance. It's all dependent on how now the situation evolves in different markets and how governments respond to that in supporting different parts of industries and companies. Okay. All right. That's clear. Thanks. Thank you. Your next question comes from Simon Irwin of Credit Suisse. Please ask your question. Good morning. Could you just talk us through where you stand re kind of current pricing and input margins? In short, are you seeing better input prices being taken through to the bottom line at the moment? Particularly, what's your view about the second half of the year? Well, there are a number of factors obviously affecting here, both raw material prices and of course, capacity, demand and supply in all of our markets and other things connected to transport. Overall, we see a slightly positive view going ahead. It's also difficult to assess how big that will be and at what point. As we write in the report, we see a slightly positive sum of those external factors, so to say. Obviously at this point in time, the offer connected also to creating a strong customer offer with price quality, fashion, and sustainable way. We have the ambition to take out as much as possible to the customers to continue to strengthen our position. Thank you. Can I just follow up on, you talked about sales being at a good level, versus where markets are open. Can you just disaggregate that between online and stores as to what kind of store sales densities you're seeing, say, versus 2019 at the moment in open stores? Are you seeing a big shift online and lower store sales densities, or is it not that extreme? Since we have a way of looking at sales in a more integrated way and not channel by channel, because we clearly see how the different channels, both physical and digital, really strengthen each other, we look at the total. As you see in this report, we have a continued strong online development. What we do see then, again, in several of the markets until the 28th of March, we do see a positive development in sales compared to then also 2019. That kind of also makes us feel even more confident about the recovery, both when looking what happened after the first wave and also what has been happening in those markets where restrictions are being lifted as vaccinations are being rolled out. Okay. Can I just check on the base for that minus, that +55 you are talking about? Is it exactly the same period as the - 46 that you were talking about last year so that we can get a two-year stack? Yeah, it's roughly the same. Last year was for the entire month, so it's roughly the same. Thanks, Adam. Thank you. Your next question comes from Georgina Johanan of JP Morgan. Please ask your question. Good morning, everyone. Thanks for taking my questions. Just two from me, please. First of all, on the gross margin in Q1, I think it was a little bit of a deeper decline than analysts had expected. Was that perhaps just the extra deleverage that I hadn't been modeling enough, or was there any incremental investments in the offering Q1 coming through in the gross margin that are worth calling out? That's my first one. The second one, appreciate what you've said in terms of the gross margin environment as we move through the year and external factors being slightly positive, but can you actually talk to whether you're worried about any product delays, for example, obviously with the news yesterday that we're going to see further shortages in the global shipping channels, just whether you're concerned on any product delays into any markets, please. Thank you. Two questions. Starting with the first one, there are, once again, a lot of factors affecting the gross margin, and the two biggest ones are, and you already mentioned, the negative leverage we have on the semi-fixed and fixed costs due to our function-based income statement. That is the majority here. Obviously, markdown levels affect as well. There are also other smaller factors connected to composition, what kind of garments we sell, where and when, so to say. You're on top of the biggest factor, which is the negative leverage then connected to lower selling. On the supply chain disturbances, obviously, we are, as the whole world, experiencing an imbalance here. Trade started already a year back with lower shipping, and then it picked up and became a very high demand for capacity towards the end of 2020. This disturbance obviously will not support that, but we don't see it will have any material effect. We expect some congestions in European ports the coming weeks. Hopefully we can start to see that the situation eases, but not any material effects on our selling. Thank you very much. Thank you. Your next question comes from Rebecca McClellan of Santander. Please ask your question. Yes, good morning. Just a quick one. Could you possibly give us the end of March exit rate rather than the number for the 1st to the 28th? Well, any comparison compared to last year becomes a bit tricky because last year, as you know, as you see in the graph, it was more or less most markets closed down. As Helena said, it depends very much from market to market how restrictions are eased or even increased, and of course, lockdowns. It's very difficult to give an exact rate for the group as a whole. Okay. Thank you. Thank you. Your next question comes from Charlie Muir of Exane BNP Paribas. Please ask your question. Yes. Thank you very much for taking my questions. I have two, both related to rent, please. Firstly, thank you very much for quantifying again the amount of government support that you recognized in the P&L in the quarter. Could you help by giving us the figure on the amount of temporary rent relief that you recognized in the quarter as well? Secondly, you obviously make comment in this statement with respect to the negotiation of rents down on a recurring basis as well. I wondered if you could give us any sense of quantification as to how much the run rate of your rental base has reduced versus, let's say, a year ago on a recurring basis. Thank you. To start with, obviously this environment, we get improved terms when it comes to rents and so on. It's not just the actual rent as such, it's also the flexibility, the amount of variable rents and so on. Of course, landlord contributions. We don't break out the exact numbers for the questions you ask. I'm sorry, Charlie. All in all, of course, it's positive environment, being in our position in this environment. Could I maybe ask it a different way, which is, say, if and when your revenue base recovers to pre-crisis levels, could we expect rent to sales to be better than it was previously? Yes. By how much? Let's come back to that. All right. I tried. Thanks. Thank you. Your next question comes from the line of James Grzinic of Jefferies. Please ask your question. Thank you. Yes, good morning, Helena, Adam, and Nils. I have a quick one. When you look at Western markets that had stores open for quite some time, so I presume, the U.S., Spain, and Italy, how does online behavior change? What happens to the returns rate? What happens to the basket composition and basket size? I'd be really interested to understand that. We continue to see that the channels really, really well complement each other. There has not been any major differences in how online performs once stores are able to trade again. It's rather that customer sees the full benefit of how they can interact with us. We continue to see that demand is fairly same between the channels, and it's of course then also COVID-19 related. Now we spoke about that before more on the basics and the home wear. We still see that trend, but also more interest in the fashion bit. Very little difference, and we can continuously see that the channels interact and complement each other really well. I complement with this also being why we also can be confident. We feel confident about the recovery once restrictions are being lifted. Seeing how many customers that have started to shop online and also getting proof in markets where restrictions are being lifted, that they also want to meet us in the physical channel. That we think is really something strengthening us in the recovery plan. Just to confirm, as there's a shift from loungewear more to fashion, the return rates don't change materially in those markets? No, not as I've seen so far, no. Very clear. Thank you. Thank you. Your next question comes from Aneesha Sherman of Bernstein. Please ask your question. Yes, good morning. I have two questions, please. The first one is around H&M versus the other brands. You reported that the other brands were performed slightly weaker than H&M brand, -22% versus -21% for the quarter. Are you seeing the recovery in the March period also being slightly weaker for the smaller brands or about in line with the base brand? In the report, we say that the group net sales decreased by 21% in local currencies, and sales for portfolio brands decreased by 18%. Slightly better. Portfolio brands slightly better, of course, it's a little bit different on different brands on which markets we are on and also the share of online versus store. Slightly better overall than for portfolio brands. And the very small group [crosstalk]. Right, my mistake. I was reading the total, not the local currency. Do you expect that trend continuing, that the portfolio brands are slightly better performing? Well, I think it's difficult to compare just like that, because the share of online versus, or digital versus online, is a little bit different on different brands and also the different markets that we are on. I would say, actually, that we see very similar patterns, and the pattern is absolutely related to how we can stay open in the different markets due to the COVID-19 situation. Okay, thank you. My second question is about, so you spoke about the rent savings, and last quarter you helpfully gave a third breakdown, and saying a third of the rent savings will likely be permanent. Can I ask a similar question about labor? You've made some labor cost cuts as part of the transformation, but some of those are temporary related to store labor, and you've also received some government support on labor. Net, as we go into Q2, what roughly percent of labor cost savings do you see as permanent? We have learnt a lot during this year in how we continue to optimize or increase the customer experience and spend our time on the things that the customer values, so to say. I believe that we take with us some learnings. Of course, we take away positive learnings from this huge stress test of how we operate. Okay. Well, can I just ask, do you expect to see a permanent cost saving if not to quantify it? I would rephrase it, and I said that it's about, there's so much focus on cutting costs, but for us, it's more focused on how can we grow without growing cost as much as top line. Okay, the answer is? Well, we are convinced that we can. That's the answer. Okay. All right. Thank you very much. Thank you. Your next question comes from Daniel Schmidt of Danske Bank. Please ask your question. Yes, good morning, guys. A question on Adam's response on the markdown guidance for Q2. Does that implicitly assume that most stores are open again by the beginning of May, or how should we read that, Adam? No, it was more of a comment that, of course, being restricted during first quarter, we guided for slightly higher markdowns in first quarter than what they came in. We spoke about 100-150 bps. They come in around 100 bps. We still believe that there is more activity going forward that's needed to make sure that the composition improves even more going forward. It's no drama. It's just that it's more of a residual to a lot of the effects being closed and restricted during first quarter. No, I have to say that the sort of markdowns have been a positive surprise, given the situation that you've been in now for quite some time and sort of asking the long-term question there as well. Do you think that there is a learning that you've sort of received during this pandemic, that there's going to be more flexibility for you guys going forward in a more normal world as well? Is that going to be one of the learnings? Yes. Definitely. We have learned a lot. I am really proud how we've been able to take fast decisions and work in a much more flexible way. Speed is one of the key focuses also going forward. Yeah. All right, clear. A second question on the cash release on payables. I think you're right just above SEK 3 billion, and I think you stated in connection with the Q4 report that those SEK 10 billion you guided for was going to be evenly spread through the year. Is it a little bit front-end loaded, or is it sort of a potential upside to these SEK 10 billion? No, but we wanted to guide for it because we saw it had material impact for the year, and we tried to give as good as we could estimation of how it would be spread. The full-year sort of estimate or the totality still holds, and it's all dependent on how much we buy, where, and when, depending on how this is rolled out and in the supply chain. The full-year guidance holds and this quarter was a little bit above sort of a quarter of the total impact. Yeah. All right. That what I hear. Okay. Thank you, guys. Thank you. Your next question comes from Rosie Shepard of Retail Week. Please ask your question. Hi there. First of all, focusing specifically on the U.K. where stores are going to be opening on April 12th. I was just wondering what your specific plans are on that. Will you be opening all stores at the same time? And what are your expectations for demand on that and how are you going to be generating sales? Will you be taking advantage of the late opening hours and promotions and things like that? The strategy in U.K. is similar to other markets in how we go in U.K.'s case then from full lockdown to gradually reopening. Of course, we're going to follow the authorities' guidelines also in U.K. We make sure that we put safety for customers and colleagues first, then we will open up in a responsible way and try to, in both digital and physical channels, of course, welcome the customers back and just focus on us also delivering a great customer offer to them. Okay. Anything about the late opening hours that have just been announced? I can't comment on that detail. Sorry about that. Okay. No worries at all. You've also mentioned, obviously, about digital and sustainability and things like that. How would you say your target customer is shopping differently to pre-pandemic times? What are their priorities like? We do see that quite many customers have been introduced with digital channels for the first time. I guess what is encouraging is to see that as stores are being opened in some of the markets, they really tell us that they want to meet us both in the physical and in the digital channel. We believe that is really encouraging, and we also see that the customer base has grown. We can see at the H&M's loyalty club that we have 120 million members. That is 6 million more just in a quarter. Looking back a year, it's 50 million customers more. Of course, we do see that many customers that wanted to meet us in physical channels now also want to meet us in digital. Yeah. What about sustainability? How does that sort of fit into that? Well, sustainability is, of course, integrated in everything we do. We see that the pandemic has come with an increased awareness for customers, which of course makes us feel that our position with our customer offer where we have price, fashion, quality, and sustainability all integrated. That is, of course, really good for us. We do different things to engage even more going forward when it comes to sustainability and customer engagement, for example, that we have launched green points in the loyalty H&M Club so that we also encourage certain behavior, which is a great way for us to engage and continue to increase awareness. Yeah. Perfect. Thank you. Thank you. Thank you. Your next question comes from Niklas Ekman of Carnegie. Please ask your question. Thank you very much. Sorry for addressing the Chinese issue here. I realize that you said you didn't want to elaborate too much on details here, but I'm just curious, the disruptions that you've seen so far here, have they been restricted to your stores, or have you seen any impact on the sourcing side as well? I understand that you want to know more about the situation. I truly hope for your understanding that we need to refer to the statement that we said in the beginning. Okay. Fair enough. A second question. I was curious about your comment here about online sales growth remaining strong when stores reopen. I'm curious, does this in any way change your view on your store portfolio? I see you kept your store guidance for the full year here intact, but how do you see this going forward? Do you think there will be a lesser need for physical stores going forward, that store closures could accelerate later in 2021 and 2022, or how do you view this? I see this as a great opportunity for us going forward with increased customer base, meaning that more customers have started to meet us in digital channels. As we now, hopefully can soon start reopening stores as restrictions are being lifted and vaccinations being rolled out. I truly think we have a unique opportunity when looking at the different roles that a physical store can play. Of course, we see this as a network of touch points that needs to be integrated because they are in both the digital and physical channel. We stay with the indication that it will be a net of minus 250 stores. That's our best estimate for this year. Also in that plan, of course, is to then really work on the strategies going forward to optimize these physical stores, but in an integrated way with the digital channels. This is a great opportunity for us. Okay. Thanks very much. Thanks for taking my question. Thank you. Your next question comes from Nicolas Champ of Barclays. Please ask your question. Yes. Thanks for taking my question. I will try my luck with China again, just a factual one, but could you tell us how many stores are currently closed in China? Bloomberg reported that six stores have been closed by landlords. Can you confirm this number and say whether it's still accurate number? The second one is about your online sales. You said that there was by 57% in Q1, but what was the proportion of sales achieved online now as a percentage of total sales? The last question is about your dividends. You expect to make a decision regarding cash dividends this term, but, as you also said, your balance sheet is strong, and you are on track with your working capital relief, for instance. Could you be a bit more specific regarding the criteria that you will monitor in order to take your decision to pay a cash dividend this term, please? Thank you. Around 20 stores are right now being closed in China. When it comes to online share, there's a huge spread in some markets where all stores were closed. We have 100% online share. In some markets, we haven't even opened online, so it's zero. Of course, there's a very big share online in this quarter, but it's not a relevant number really to look at the aggregate number. Sorry. When it comes to the dividend question, as you know, this is a question for the board to suggest. What we see now is a strengthened financial position, but we still need to be humble about the uncertainty and the fact that it's difficult to predict what's going to happen the coming months due to the pandemic. The board will get back later on with a suggestion on both timing, and level of dividend, when we can kind of oversee more around the consequences of the pandemic. I guess that's what we can say about the dividend part. Okay. Thank you very much. Thank you. Your next question comes from Geoff Lowery of Redburn. Please ask your question. Yeah, good morning. Just one question. Can you talk a bit more about the H&M Membership, in terms of how significant it is to your online and/or stores business? Where are the 120 million members, et cetera? Just to give us some flavor of how significant it is or isn't on a sort of operational basis for you. The H&M Membership is obviously a great way for us to engage with customers and create relationships that goes far beyond just transactions now and then, but truly to engage. Having 120 million members is, of course, really encouraging for us. Those are in 26 markets. Members are then rewarded not just for purchase, but also for commitments such as bringing in old clothes, for example, for H&M's garment collecting or choosing climate smart deliveries. Of course, it's a great way to activate engagement around new special collections and things like that. We're really proud about the loyalty program and the fact that we have been able to grow and attract more customers to that channel. Would they account for most of your online business? Yes. Once you're an online customer, you are normally also a H&M Membership member. Okay. By definition. Okay, understood. Yeah. The lever to recruiting customers, is that you offering free delivery? Is it the points? What's your sense of the sort of why behind why customers are signing up? Which of the many things you're offering them makes the real difference, do you feel? There are many aspects. Helena mentioned a few of them. Obviously, it makes, I think, the customer experience more tailored to yourselves and also removes frictions, and that is something we highly see that customer value. I think also what Helena refers to, creating this relationship where you can interact in more ways. You can sort of find your favorite, see whether they are in store, go and pick them up. There are a lot of sort of components to tailor the experience to you and make the whole experience more frictionless. As you also mentioned, and there are more things to come, also rewarding, and incentivizing behavior that we think is a good way to engage customers going forward, connected and to sustainability and so forth. I would like to add that, even though it's a loyalty scheme, it's not about making customers loyal to us. That's very difficult. It's more about us becoming even more loyal to our customers by understanding more. The more loyal we are, the more relevant we are, the better. Understood. Thank you. Thank you. The next question comes from the line of Dimitri Demetriou of Schroders. Please ask your question. Hi, thank you for taking my question. Just two quick ones from my side. The first one is, and please excuse my ignorance, on gross margin, you mentioned that the change is mainly the result of the leverage and the function-based income statement, I think? Can you elaborate a bit more on that? I'm relatively new to the name. If you could comment on that would be useful. My second question is around CapEx. Do you have a guidance for 2021? Thank you. On the first question regarding gross margin, what Adam alluded to was in last year in Q2, when we had a 50% drop in revenues, we saw a huge deleverage in cost of goods sold as a result of that. We have a big overhead in organization, our sourcing organization, production organization, which by definition, of course, is pretty, not fixed, but semi-fixed. We can't from one quarter to the other, scale down or scale up. Typically it's a huge strength for us, because we have a control of the whole supply chain and also when it comes to sustainability and so on. Of course, when revenues drop so significantly, it becomes a deleverage. In this quarter with such a big drop in revenues, of course, there is a big element of deleverage as a result of that. Your next question, I didn't get that. Sorry. Could you say your second question again, please? For sure. Yeah. Thank you. On capital expenditure, do you have guidance for 2021? Okay. When it comes to CapEx, capital expenditures, obviously in this quarter, or last year as a result of pandemic, we slowed down on everything and CapEx was half more or less compared to the previous year. We're starting to, of course, to speed up again and be more forward-leaning, and we expect this year the CapEx will come up again because of course, last year is not sustainable. It's still a lot lower than last year. The best expectations we've said, was around SEK 7 billion-SEK 8 billion or something, but we'll come back to that going forward. Thank you. Thank you. Your next question comes from the line of Anne Critchlow of Société Généra le. Please ask your question. Good morning. Thank you. I'd like to ask a question on radio frequency identification, please. How far have you got with this in terms of implementing it by concept and country across the group? What are the benefits you're hoping to get from this in the future? What is it bringing you already? When it comes to RFID, we have rolled that out in around 20-something markets. Of course, this is a great way for us when it comes to following the supply chain, when it comes to traceability for us, it's a really good and a great way to make sure that we have the right product at the right time for the right customer, if that makes sense, when it comes to having a supply chain that is more demand driven, so that we can make sure that whenever the customers have a demand that we can supply that. That's really having a positive impact. Okay. Thank you. Thank you. Your next question comes from Olivia Townsend of UBS. Please ask your question. Hi. Yes. My first question is on consumer demand, in markets that are further along the reopening journey like Australia. I'm just wondering, are you still seeing elevated demand for lockdown products like basics and loungewear in these markets? Is demand moving more towards sort of fashion-focused product? If this is the case that demand is moving towards more fashion-focused product, could you just talk about how you're managing your inventory to cater to these changing demands? My second question is just on online. I've noticed in some markets there are slightly extended delivery windows for online at the moment. Is this merely a function of higher demand? Is it something to do with the warehouses not being able to really cater to that level of demand? Thanks. When it comes to consumer demand, overall, we see roughly same indications as we spoke about in the last quarter, meaning that homeware is really strong, together with kids is also really strong. Also we see that the more kind of casual basics, which goes well in line with trends also now coming, which is quite a lot around casual and sporty. I would say that the whole trend landscape is also impacted by the whole COVID situation in the world. Looking at some of the markets where restrictions are being lifted, it's a little bit early to say how that is kind of impacting since the trend landscape is in accordance with the working from home. Let's see how that develops. Looking at coming trends, we also, for example, see that dresses is coming strong, but also more comfortable fit dresses. A little bit hard to say exact patterns, but I hope that gave some guidance. On the online customer promise, we actively monitor this. I must say that the whole supply chain and our colleagues in the warehouses and the customer service really has been heroic during this year and driving and enabling this kind of growth. We are monitoring and making the necessary adjustments when it comes to assessing both the staffing and all other things with the scheduling, but also ensuring that we have the right last mile set up to ensure that we can deliver connected to our customer promise. We monitor it and continuously ensure that we work towards a very strong customer offer and customer promise. Thank you. Thank you. Just to remind you, we have 10 minutes remaining on the call. If you wish to ask a question, please press star and one on your telephone. That's star and one on your telephone. Your next question comes from the line of Andreas Lundberg of SEB. Please ask your question. Good morning, everyone. Just a short one from me about the governmental support. How much, if any, have you received from Sweden in the first quarter? It is a smaller portion. It's around SEK 10 million for the quarter. Do we expect some support also in the second quarter from Sweden? As previously mentioned, we assess this on an ongoing basis and see how the situation evolves, both of course in individual markets, but also with the global perspective. We need to get back to that, but we assess the situation, how it evolves, and then we decide upon that. Thank you. Thank you. Your next question comes from the line of Peter Rowett of SVT. Please ask your question. Good morning. I'm trying to understand your statement, Helena, from the beginning about China. I would like to ask you, under what condition are you ready to reverse your decision to not buying cotton from Xinjiang province in China? I would kindly ask for your understanding that we refer to the statement that we said in the beginning regarding the situation in China. Thanks again for your understanding with that. Okay. Thank you. Thank you. Your next question comes from the line of George Nowicki of Textile Workshop. Please ask your question. Good morning. Thank you for taking my question. I actually had two questions. One of them was to understand, of course, more about the situation in China. Obviously, you don't want to go deeper into that. Just to make sure that I got your answer a few moments ago correctly. These 20 stores are closed because of this current situation, not because of any other reason like local COVID-19 outbreaks or anything else. No comment on that. Is that correct? No comment on that. Thanks again for your understanding. Okay. How about the big Chinese platforms such as Tmall? Is H&M accessible there at the moment? We please ask for your understanding. No comment around the China situation. The comment we made in the beginning. Thanks again. Okay. My second question would be about Collection of Style. In the report, one can see that you are also closing down quite a number of COS stores. What is the reason for that, and what are the perspectives of the brand? Did you say COS? COS, yeah. COS. Yes, exactly. As Helena mentioned, we continuously evaluate and make sure that we have a healthy and relevant store portfolio. There's no specific changes, but different brands have gotten different far in their footprint development. Part of the continuous evaluation, we act when we get more insights on how we want to build it for the future, I should say. Okay. Thank you. Thank you. There are no further questions on the line, so I'd like to hand back over to Helena Helmersson to close the call. Thank you. Thank you all very much for participating in this conference call, and we wish you all the best. Bye. Thank you. That does conclude our conference for today. Thank you all for participating. You may all disconnect.