H&M net sales increase 12%

H&M has announced that its net sales for FY22 increased 12% to SEK 223bn (£176bn) for the year ended 30 November 2022. The increase was 6% in local currencies.

Excluding Russia, Belarus and Ukraine the increase was 15% in SEK and 8% in local currencies.

Results for the year were impacted by one-time costs of SEK 2.6bn (£2bn) for winding down the Russian operations and of a cost and efficiency programme.

The company’s operating profit was SEK 7.2bn (£5.6bn) making it an operating margin of 3.2%. Adjusting for one-time costs the operating profit was 9.8SEK (£7.7bn) with an operating margin of 4.4%.

The group’s profit after tax was SEK 3.6bn (2.8bn) corresponding to SEK 2.16 (£0.17)per share.

CEO Helena Helmersson said: “Sales in the new financial year have started well. The external factors are still challenging, but are moving in the right direction. Combined with our investments and efficiency improvements, there are very good prerequisites for 2023 to be a year of increased sales, and improved profitability. Thus, our goal of achieving a double-digit operating margin for full-year 2024 remains in place.”