Sales at H&M return to pre-pandemic level in fourth quarter
H&M Group has revealed a strong recovery as sales measured in local currencies in the September to November period matched pre-pandemic levels in 2019, according to the group's fourth quarter and full-year sales report.
The Swedish fashion retailer reported that net sales for the fourth quarter increased up 8% to SEK56.81 billion (£4.69bn), while net sales in local currencies rose by 11%.
For the 2021 financial year, net sales increased by 12% in local currencies. Converted to Swedish crowns, net sales increased by 6% to SEK198.967 billion (£16.44bn).
The company, which also owns H&M, COS, Arket, Monki and &OtherStories, commented in a statement: "The H&M group’s strong recovery continues. Customers are showing that they appreciate the collections and being able to shop where, when and how they choose. Despite continued restrictions and the negative consequences of the pandemic, the H&M group’s sales in local currencies were back at the same level as in the fourth quarter of 2019."
H&M Group added that it has temporarily closed around 115 stores, mostly in Austria and Slovakia, due to Covid-19 restrictions. The company temporarily closed around 100 stores, mainly in South-East Asia at the beginning of the quarter.
The group said that it will issue its complete full-year report on 28 January 2022.