H&M hails Q1 sales growth of 23%
Net sales in local currencies also grew year-on-year by 18% in the quarter
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The H&M Group has reported a net sales increase of 23% in the first quarter of FY22, hitting SEK 49.16bn (£39.32bn) from 1 December 2021 to 28 February 2022 (Q1).
Additionally, net sales in local currencies grew year-on-year by 18% in the quarter.
In its previous full-year results for FY21, H&M revealed that profit after financial items increased almost sevenfold, rising to SEK14.3bn (£1.13bn) against the SEK2bn (£158m) reported last year.
The group’s net sales for the full year also rose by 6% to SEK199bn (£15.8bn), while net sales in local currencies increased by 12% in the 2021 financial year.
H&M is one of many retailers who have suspended all sales in Russia due to the ongoing crisis in Ukraine, and H&M stores in Ukraine have also been temporarily closed for the safety of customers and colleagues.
H&M said: “H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering. The situation is continuously monitored and evaluated. Representatives of the company are in dialogue with all relevant stakeholders.
“H&M Group cares for all colleagues and joins all those around the world who are calling for peace. Clothes and other necessities are donated by the company. H&M Foundation has also made donations to Save the Children and to UNHCR.”
