Swedish fast fashion brand H&M group’s net sales in local currencies have increased by 18 per cent in the first quarter (Q1) of fiscal 2022. Converted into SEK, the group’s net sales have climbed by 23 per cent to SEK 49,166 million (40,060). The well-received collections led to a higher share of full-price sales and lower costs for markdowns.
At the same time, sales and profits for the quarter were impacted by the negative effects of the pandemic in many of the group’s major markets. The result was also affected by increased growth-related initiatives, particularly within tech and the supply chain, H&M said in a press release.
Net sales in the period from March 2022 increased by 6 per cent in local currencies compared with the corresponding period last year. Excluding Russia, Belarus and Ukraine the increase was 11 per cent.
Swedish fast fashion brand H&M group’s net sales in local currencies have increased by 18 per cent in the first quarter (Q1) of fiscal 2022. Converted into SEK, the group’s net sales have climbed by 23 per cent to SEK 49,166 million (40,060). The well-received collections led to a higher share of full-price sales and lower costs for markdowns.
H&M continues to expand into more markets. In March, the first H&M store in Cambodia was successfully opened via franchise. Further new H&M markets in 2022 will be Ecuador, Kosovo and North Macedonia, and via franchise Costa Rica and Guatemala. In 2023 H&M plans to open its first store in Albania.
“We are deeply concerned about the war in Ukraine and are following developments closely. We stand with all those around the world who are calling for peace. Once again, we have to be flexible and act quickly as circumstances change. H&M Group, H&M Foundation and the Erling-Persson Foundation have to date donated around SEK 170 million as well as clothes and other necessities to organisations including UNHCR, Save the Children, the Red Cross and UNICEF,” said Helena Helmersson, CEO.
Fibre2Fashion News Desk (RR)
