H&M Group sees full year sales rise 12%
H&M Group has reported net sales for the financial year, 1 December 2021 and 30 November 2022, rose 12% to £17.7 billion (SEK 223.57 billion).
Fourth quarter net sales for the three months to 30 November 2022 increased by 10% to £4.93 billion (SEK 62.4 billion) year on year.
The owner of H&M, Monki, and Cos confirmed that its operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on 30 November.
During the quarter around 25–50 stores in China were also temporarily closed due to new COVID-19 outbreaks.
The group's previous quarter sales were largely impacted by its withdrawal from the Russian market. At the time, Helena Helmersson, CEO of H&M Group, said: "With loyal customers all over the world, engaged colleagues and sound finances, in combination with a long-term perspective, we see good opportunities to strengthen our position despite the situation in the world around us.”
H&M Group also confirmed it will publish its full-year report on 27 January 2023, warning that the results published today are provisional and "may deviate slightly from the full-year report".
Last month, H&M Group announced it had initiated its Restructuring Global Cost and Efficiency Programme to reduce costs. The programme has been actioned to ‘reduce costs and further improve efficiency in the business'. The programme relates to administrative and overhead costs and includes reducing staff by approximately 1,500.
H&M’s flagship store at 324 Regent Street recently reopened with a revamped look, featuring its new Beauty Bar concept in partnership with Dashl and the launch of H&M Rental in the UK.