H&M boosted by sales recovery to pre-pandemic levels
H&M Group has grown its annual sales and profit after a strong end to the year with sales back at pre-pandemic levels.
In the 12 months to 30 November, its net sales climbed by 6% to 199 billion Swedish kronor while pre-tax profit totalled 14.3 billion Swedish kronor.
Helena Helmersson, chief executive of H&M, said: “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.”
In 2022 H&M will launch in a number of new markets including Ecuador, Kosovo and North Macedonia, and via franchise in Costa Rica, Guatemala and Cambodia. It will also continue to roll out online with launches in Belarus, Colombia, Kazakhstan, Peru and Ukraine.
H&M is now aiming to double it sales by 2030 whilst halving its carbon footprint. It is expecting sales in local currencies to increase by 20% year on-year in the two-month period to 31 January 2022.
Helmersson added: “With continued satisfied customers and strong relations with all our partners, we are optimistic about the opportunities for long-term and sustainable growth for the H&M Group.”
In addition to the H&M fashion and homewares retailer, the group also operates the Cos, Arket, Weekday, Monki, and & Other Stories brands, as well as the Afound online marketplace.
