Net sales for the period (December 1, 2022, to February 28, 2023) were up by 12% to SEK54.9 billion (US$5.3 billion). The company noted that the increase was 16% when excluding Russia, Belarus and Ukraine.

The gross margin for the period was 47.2%, while operating profit totalled SEK725 million (US$69.94 million), with an operating margin of 1.3%. H&M’s financial result after tax was SEK540 million (US$52.1 million).

CEO Helena Helmersson said: “The H&M Group continues to stand strong with a robust financial position, stable cash flow and a well-balanced inventory. The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10% already next year.”