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H&M has announced its provisional sales increased by 12% to £17.7bn, for the full-year period from 1 December 2021 to 30 November 2022.
Excluding Russia, Belarus and Ukraine the increase was 15% in SEK and 8% in local currencies.
Net sales in the fourth quarter period from 1 September 2022 to 30 November 2022 beat forecasts and increased by 10% to £4.98bn, compared with the corresponding period last year.
The H&M group’s operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on 30 November. During the quarter around 25–50 stores in China were temporarily closed due to new Covid outbreaks.
It revealed the full-year report for the 2022 financial year will be published on 27 January 2023.
