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