H&M Group's net sales increase by 23% in Q1 2022
H&M Group net sales increased by 23% to £4 million in the first quarter of 2022, covering the period 1 December 2021 to 28 February 2022.
The group, which owns brands including COS, Monki and & Other Stories, also published its full trading update for the year 1 December 2020 to 31 November 2021, revealing its net sales increased by 6% to £15.8 billion. The group's CEO further outlined plans to double sales by 2030.
To achieve its growth goals, the H&M Group announced that it would double the level of investment in 2022, focusing on its growth areas and infrastructure. Plans include growth in tech, the supply chain, renewable energy and sustainable materials.
A full trading update for the first quarter this year will be published on 31 March 2022.