Converted into SEK, the group’s net sales amounted to SEK 86.6 billion (US$10.05 billion) from December, 1 2020 to May 31, 2021. Profit after financial items increased to SEK 2.2 billion (US$260 million), cash flow from operating activities amounted to SEK 20.2 billion (US$2.44 billion), net cash amounted to SEK 12.8 billion (US$1.49 billion) and online sales have continued to develop very well, even as stores have been allowed to reopen.

In the second quarter, March 1 to May 31, 2021, the H&M group’s net sales in local currencies increased by 75% compared with the corresponding period in 2020. Converted into SEK, net sales amounted to SEK 46.5 billion (US$5.4 billion). Online sales increased by 40% in local currencies and 32% in SEK and gross profit increased by 89%, profit after financial items increased to SEK 3.8 billion (US$440 million).

In March H&M opened online in Qatar via franchise and during the quarter H&M was also successfully launched on the e-commerce platform Zalora in Indonesia, the Philippines, Malaysia and Singapore.

The company’s financial position remains strong and the board’s assessment is that there will be very good prospects of a cash dividend in the Autumn of 2021. Cambodia will become a new H&M market via franchise in 2022.