Sweden-based H&M group’s net sales for the 2022 financial year (1st December 2021 – 30th November 2022) increased by 12 percent to SEK 223,571 million compared to 2021. Reuters believes that sales slightly exceeded market expectations of a 9.5 percent rise.
Net sales for the period from 1st September 2022 to 30th November 2022 increased by 10 percent to SEK 62,451 million compared to the corresponding period last year.
In a statement, the company said that its operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on 30th November. During the quarter, around 25–50 stores in China were temporarily closed due to new Covid outbreaks.
The company’s full-year report for the 2022 financial year will be published on 27th January 2023.
It can be mentioned here that just two weeks back, the company announced laying off 1,500 staff in drive to cut soaring costs and rescue profits.
