Swedish clothing giant H&M managed to make a profit in the last quarter of 2020 despite the corona crisis, the company reports Friday.

However, sales fell by 10 percent because one in five stores had to close their doors last autumn due to the second wave.

Top woman Helena Helmersson managed to reduce costs by 16 percent in the fourth quarter of the broken financial year, which ran until November 30th.

Government support also helped to cut costs by nearly € 50 million.

Despite this, the profit almost halved.

Between December and the end of January, more H&M stores had to close due to the corona measures.

At that time it concerned eighteen hundred of the five thousand stores.

Sales fell by 23 percent during this period, according to the Swedish company.

As a result, the results in the first quarter of the new financial year are likely to be disappointing.

The company expects to close some 350 stores by 2021, mainly in established markets.

At the same time, 100 new stores are opened in emerging markets.

The company had previously announced these steps.

It is not yet clear whether shops in the Netherlands will also be closed permanently.