Companies

H&M sales bounce back to pre-pandemic levels

Feb 1, 2022 Sweden

The Sweden-based fashion group has announced that net sales for the financial year of 2021 amounted to 18.9 million euros, backed by a strong fourth quarter performance

“We ended the year strongly, with sales back at the same level as before the pandemic and with profitability better than it has been for several years. Now that we are back to a more normalised situation with a strong financial position and good profitability, we can fully focus on growth again,” commented Helena Helmersson, CEO. H&M announced that it is increasing investments to double sales by 2030 while halving its carbon footprint.

The group noted that from the 1^st of December 2021 to the 31^stof January 2022 sales in local currencies should increase by 20%, as compared to the same period last year, despite being “negatively impacted by the latest wave of the pandemic and its consequences in many of the group’s larger markets”.

Fourth Quarter

In the fourth quarter of fiscal 2021, ended on the 30^th of November, H&M’s net sales in local currencies increased by 11%, over 2020, adding up to 56.813 million Swedish Krona (5.40 billion euros).

In this period alone, net profit increased to 4.621 billion Swedish Krona (439 million euros) from 2.485 Swedish Krona in the same period of 2020. Earnings per share rose to 2.79 Swedish krona (0.29 euros) from 1.50 Swedish krona in the fourth quarter of 2020.

According to the group, “the strong result for the quarter is mainly a result of well-received collections with more full-price sales, lower markdowns and good cost control”.

Full Year Results

In the financial year of 2021, which ran from the 1^st of December 2020 to the 30^th of November 2021, H&M group’s net sales reached 198.967 million Swedish krona (18.9 billion euros), reflecting an increase of 12% in local currencies.

The company's net profit increased to 11.010 million Swedish Krona (1.04 billion euros) in this fiscal year of 2021, from 1.243 billion in the prior year. Earnings per share corresponded to 6.65 Swedish krona (0.67 euros).

Image Credits: www2.hm.com

Sweden Companies Fashion Footwear Quarter Results Results Retail Sales