Physical stores aid H&M’s Q2 results

Sweden
Published:  06 July, 2022

The Sweden-based fast-fashion group reported sales growth of 17% in the second quarter of fiscal 2022, highlighting 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 Króna (€5.10 billion euros), compared with the same period in 2021. In local currencies, sales rose by 12%; excluding Russia, Belarus and Ukraine, the increase was 17%. 

Gross profit totalled 29.84 billion Swedish Króna (€2.79 billion) in the second quarter of the current fiscal 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, the group’s profit after financial items rose by 33%, amounting to 4.78 billion Swedish Króna (€448 million), as compared to the second quarter of the previous year. H&M’s profit after tax was 3.68 million Swedish Króna (€345 million). 

"The H&M group’s sales increase in the quarter is a 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 that strengthen each other, we are fully focused on meeting customers’ ever-increasing expectations of affordable and sustainable fashion", commented Helena Helmersson, CEO.