At the same time, quarterly sales and profits were affected by the negative impact of the epidemic on many of the group’s major markets. H&M said in a press release that the results were also affected, especially by increased growth-related initiatives between technology and the supply chain.
Net sales in local currency have increased 6 percent since March 2022 compared to the same period last year. Excluding Russia, Belarus and Ukraine, it rose 11 percent.
Swedish fast fashion brand H&M Group’s net sales in local currency increased 18 percent in the first quarter (Q1) of 2022. Converted to SEK, the group’s net sales rose 23 percent to 49,166 million (40,060). Well-received collections lead to a higher share of full-value sales and lower costs for markdown.
H&M continues to expand in the market. In March, the first H&M store in Cambodia was successfully opened through a franchise. More new H&M markets will be in 2022 via Ecuador, Kosovo and Northern Macedonia, and franchises through Costa Rica and Guatemala. H&M plans to open its first store in Albania in 2023.
“We are deeply concerned about the war in Ukraine and are closely following developments. We stand by those who call for peace around the world. Again, we need to be flexible and act quickly as circumstances change. The H&M Group, the H&M Foundation and the Earling-Person Foundation have so far donated about 170 million seconds, as well as clothing and other essentials to organizations including UNHCR, Save the Children, the Red Cross and UNICEF. ” Helena Helmerson, CEO.
Fibre2Fashion News Desk (RR)