H&M

H&M Group profits surge amid high street resurgence

H&M Group has revealed its gross profits increased by 52.2% to £4.36bn in the six months to 31 May. Profits after tax increased by 33% to £390m in the second quarter, on the back of a 17% rise in sales to £4.47bn, excluding Russia, Belarus and Ukraine sales. Net sales…

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H&M Group reports 12% surge in 2022 Q2

The H&M Group has reported that its net sales in local currencies increased by 12% in the second quarter 2022, the period 1 March 2022 to 31 May 2022, compared with the corresponding period last year. Net sales for its fashion business increased by 17% to £4.5bn. The group is…

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Ikea and H&M open Atelier100 space 

A new joint venture from H&M and Ingka Group, Ikea’s largest franchisee, has opened its doors to showcase London-based designers and creatives in the capital.  The first Atelier100 store, which is located at Livat Hammersmith, officially opens to the public today (1 June), and is the result of a “first-of-its-kind”…

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Ikea and H&M join forces for new creative programme

Ikea and H&M have joined forces to launch a new design venture for creatives that is set to pilot in London next month.  Atelier100 is described as a “unique incubator programme” that aims to provide mentorship and inspiration to creators to help them create “commercially viable products”, and will launch…

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H&M aims to double sales by 2030 as FY21 profit soars

H&M Group has announced that profit after financial items increased almost sevenfold in its latest full-year results, rising to SEK14.3bn (£1.13bn) against the SEK2bn (£158m) reported last year.  It comes as the group pledged that by 2030 “at latest”, it will aim to double sales while at the same time…

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H&M FY profits fall 88%

H&M has revealed the extent of damage coronavirus has had on its business, with profit crashing 88% to SEK 2.05bn (£179m) in its full-year results, down from SEK 17.4bn (£1.5bn) the year before.  In the full-year ended 30 November 2020, net sales also fell by 18% to SEK 187bn (£16.3bn),…

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H&M sales slump in final quarter

H&M has announced that net sales fell by 10% in the quarter ended 30 November 2020, following the impact of store closures and ongoing Covid-19 restrictions around the world.  In its latest trading update, the group noted that overall sales have fallen by 18% in its full-year of trading, despite…

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H&M to close stores as online sales rise

H&M has announced that it is planning to close around 250 stores next year, as more of its customers shift to online sales.  It comes as the group said that “rapid changes” in customer behaviour have been accelerated by the crisis.  In light of this, the group will now “step…

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H&M to return to profitability in Q3

H&M has announced it expects to return to profitability after experiencing a “better-than-expected” recovery during the third quarter of the year.  For the 13-week period ending 31 August the Swedish clothing retailer said it expects before-tax profit of approximately SEK2b (£176m).  The group said the recovery was the result of…

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H&M Group appoints new chief technology officer

H&M has appointed Alan Boehme as the business’s new chief technology officer as it continues to accelerate its digitalisation work. Boehme, along with chief product officer Daniel Claesson, will co-lead the new Business Tech organisation that is designed to strengthen the business’s development and innovation, as well as ensure an…

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