Swedish fashion giant H&M has posted fourth-quarter sales figures down 10 percent year-on-year as retailers continue to suffer amid the second wave of the COVID-19 pandemic. 

The world's second-largest clothing retailer said sales from September to November fell to $6.25 billion.

The first wave of the coronavirus had pushed H&M into a steep loss, as sales halved to $3.4 billion from March to May.

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A slight recovery was recorded in the third quarter as lockdowns across Europe lifted and demand bounced back, but businesses have been hit again from the end of October as a second round of restrictions kicked in.

H&M will publish its full-year report for 2020 on January 29, 2021.

The company has been cutting staff to slash costs amid the pandemic and in October it announced plans to cut its number of stores by 250 next year, representing 5 percent of its current network.