H&M, the Swedish multinational fast fashion retailer, has recently announced its financial results for the fourth quarter and full year 2016 ended 30 November.

The brand posted a surge of 8 per cent in net sales to SEK 61,098 million including VAT compared to last year’s SEK 56,477 million. In the period under review, the apparel retailer’s gross profit zoomed SEK 30,027 million as against SEK 27,997 million in the comparable period last year.

In the full year reporting period from 1 December 2015-30 November 2016, the fashion brand’s net sales surged 6 per cent to SEK 222,865 million from SEK 209,921 million. Gross profit earned by the company totalled SEK 106,177 million as compared to SEK 103,167 million in the same period of 2014-15.

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Karl-Johan Persson, CEO, H&M commented, “2016 was an eventful year which included many positive things but also challenges for us as well as for the industry. During the year, we opened 427 new stores net worldwide and added three new markets, and we also rolled out our online store to 11 additional markets. This means that H&M is now present in 64 markets of which 35 offer e-commerce. We welcomed more than 13,000 new colleagues which means there are now more than 161,000 colleagues in the Group.”