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December 15, 2021

H&M Q4 sales back at pre-pandemic levels

Swedish fashion retailer H&M Group says its fourth-quarter sales in local currencies are back at pre-pandemic levels.

By Beth Wright

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

“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,” the retailer says.

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

At the beginning of the quarter, about 100 stores were temporarily closed, mainly in South-East Asia. At the end of the period, about 115 stores remained temporarily closed, mostly in Austria and Slovakia.

For the 2021 financial year, net sales increased by 12% in local currencies. Converted to SEK, net sales rose 6% to SEK198.97bn from SEK187.03bn a year earlier.

H&M Group will publish its full-year report, covering the period 1 December 2020 – 30 November 2021, on 28 January 2022.

The retailer recently unveiled a new circular design tool to help meet its ambition to have all its products designed for circularity by 2025 – and revealed plans to open source it to the industry in the future.

Circulator not only aims to enable H&M Group’s own teams to create products fit for a circular economy but will in the long-term invite others to do the same.

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