Budget fashion brand H&M sees full-year sales rise 6%

STOCKHOLM (AP) — Swedish low-cost fashion brand Hennes & Mauritz AB said on Friday its net sales in local currencies rose 8% in the fourth quarter of 2021 to 56 billion crowns ($6 billion) back at the pre-pandemic level with full-year net sales increasing by 6% to 199 billion crowns ($21 billion).

The Stockholm-based group said its gross profit for the fourth quarter rose 14% to 31.3 billion crowns ($3.3 billion) while for the full year it rose to 105 billion crowns ($11 billion), up from 93.5 billion crowns.

Chief Executive Helena Helmersson said the group “ended the year strong, with sales back to 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 “we have demonstrated our ability to adapt quickly and seize opportunities as they arise”.

Helmersson said the band was “optimistic” about the future. The group said it must double its sales while halving its carbon footprint by 2030 at the latest.

In 2022, H&M will launch in six new markets: the first stores will open in Ecuador, Kosovo and North Macedonia, and via a franchise in Costa Rica, Guatemala and Cambodia. The roll-out of H&M online continues in 2022 with Belarus, Colombia, Kazakhstan, Peru and Ukraine.

Besides H&M, the group includes brands such as COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME, ARKET and Afound. The group has 54 online marketplaces and more than 4,800 stores in 75 markets, including franchise markets, and employs approximately 155,000 people.

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