Low-cost fashion brand H&M sees full-year sales up by 6%
Jan 28, 2022, 2:44 AM | Updated: 2:45 am
STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB said Friday that its net sales in local currencies have increased by 8% in the fourth quarter of 2021 to 56 billion kronor ($6 billion) back at pre-pandemic level with the full year net sales increasing by 6% to 199 billion kronor ($21 billion).
The Stockholm-based group said its gross profit for the fourth quarter increased by 14% to 31.3 billion kronor ($3.3 billion) while for the whole year it increased to 105 billion kronor ($11 billion), up from 93.5 billion kronor.
Chief executive Helena Helmersson said the group “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.”
She said H&M was “back to a more normalized situation” and that “we have demonstrated our ability to quickly adapt and seize opportunities that arise.”
Helmersson said the group was “optimistic” about the future. The group said it was to double sales while at the same time halving its carbon footprint by 2030 at latest.
In 2022 H&M will launch in six new markets: the first stores will open in Ecuador, Kosovo and North Macedonia, and via franchise in Costa Rica, Guatemala and Cambodia. The rollout of H&M online continues in 2022 with Belarus, Colombia, Kazakhstan, Peru and Ukraine.
Beside H&M, the group includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound. The group has 54 online markets and more than 4,800 stores in 75 markets including franchise markets and employs approximately 155,000 people.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
