H&M Group, the fast fashion retail giant from Sweden, has seen its net sales surge by 13 per cent (in local currencies) in the nine-month period that ended 31 August 2021.
When converted to SEK, the H&M Group’s net sales jumped by 5 per cent to clock 142,154 million SEK or £120 million.
Notably, the impressive rise also includes the performance of Group’s other brands that include Weekday, Cos, & Other Stories as well as H&M.
The nine-month period also witnessed the Group’s gross profit go up to record an impressive £62.2 million.
The retail group has attributed the good numbers to the reopening of its stores across the globe. As more and more people started getting vaccinated and the stores started reopening, footfall increased. Consequently, sales and profit rose in the third quarter (Q3).
While 180 stores were temporarily closed at the beginning of Q3, the numbers came down to 100 by the end of Q3. Consequently, Q3 gross profit rose by 19 per cent to £249.7 million.
Importantly, the Q3 profit after tax went up to £396 million.
Also Read: Swedish fashion giant H&M posts 9% jump in Q3 sales
The Group has, reportedly, explained the growth to much-appreciated collections, lower markdowns and good cost control – not to mention the initiatives taken by the Group in tech and the supply chain.
Founded in 1947, H&M is known for its fast-fashion apparels for men, women, teenagers and children. It generated US $ 24.8 billion in 2019.
