H&M Q1 net sales up 12%
This trading update comes after H&M launched a resale programme in the United States in collaboration with ThredUp
H&M has announced that its net sales for the period between 1 December 2022 and 28 February 2023 rose 12% to SEK 5.4bn (£423.7m), compared with last year.
In local currencies its net sales increased by 3% and excluding Russia, Belarus and Ukraine the increase was 16%in SEK and 7% in local currencies.
The retailer did state that these amounts were provisional and may deviate slightly from the three-month report that will be published on 30 March 2023.
The group is now in the midst of a programme to reduce staff and cut other costs after its profits decreased as it sought to retain its price-sensitive customers and struggled with freight and energy costs.
This trading update comes after H&M launched a resale programme in the United States in collaboration with ThredUp.
ThredUp is an online consignment platform that has partnered with brands to run their used clothing sales.
The partnership makes H&M the largest retailer to work with ThredUp and also becomes H&M’s first resale marketplace in the US.
