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March 15, 2022

H&M Group sales rise 18% in Q1

Swedish fashion retailer H&M Group has continued its momentum in the first quarter of 2022, building on its sales rise at the end of last year.

By Beth Wright

Net sales in local currencies increased by 18% in the first quarter which spans the period from 1 December 2021 to 28 February 2022, compared with the corresponding period last year.

Converted to SEK, net sales rose by almost a quarter, up 23% on last year to SEK49.17bn (US$5.13bn) on a provisional basis, H&M Group said. This compares to SEK40,06bn in the prior-year period.

The sales rise comes after the Swedish company said in December its fourth-quarter sales in local currencies are back at pre-pandemic levels.

In a sales update on 15 December, H&M Group noted net sales in local currencies increased by 11% for the three months ended 30 November, compared with the corresponding period last year.

Converted to SEK, net sales increased by 8% to SEK56.81bn ($6.24bn) from SEK52.55bn a year prior.

H&M Group will publish its three-month report, covering the period 1 December 2021 – 28 February 2022, on 31 March.

The retailer recently launched an online offer of pre-loved items in its domestic market.

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