Physical stores support H&M’s Q2 results

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Sweden

Published: July 06, 2022

The Swedish fast-fashion group reported sales growth of 17% in the second quarter of fiscal 2022, underscoring the return of customers to physical stores after the pandemic.

In the second quarter of fiscal 2022, H&M’s net sales increased by 17%, reaching 54.50 billion Swedish kronor (5.10 billion euros), compared to the same period in 2021. In local currencies , sales increased by 12%; excluding Russia, Belarus and Ukraine, the increase was 17%.

Gross profit totaled SEK 29.84 billion (€2.79 billion) in the second quarter of the current fiscal year, while gross margin widened to 54.8% from 53.9% , on a comparable basis to the similar quarter of fiscal 2021.

In the three months to May 31, group profit after financial items increased by 33% to 4.78 billion Swedish crowns (448 million euros), compared to the second quarter of the year. last year. H&M’s after-tax profit was 3.68 million Swedish crowns (345 million euros).

“The increase in H&M Group sales during the quarter is the result of well-received collections with increased full-price sales and lower markdowns. With a well-positioned customer offering, combined with physical and digital sales channels mutually reinforcing, we are fully focused on meeting ever-increasing customer expectations for affordable and sustainable fashion,” commented Helena Helmersson, CEO.


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