First quarter net sales at the H&M group declined to 53,699 million Swedish krona, while gross profit increased by 7 per cent to 27,655 million Swedish krona, corresponding to a gross margin of 51.5 per cent.
The H&M group’s sales from 1st-25th March 2024 increased by 2 per cent in local currencies compared with the same period the previous year.
Operating profit for the quarter increased to 2,077 million Swedish krona, corresponding to an improved operating margin of 3.9 per cent. Adjusted operating profit amounted to 2,091 million Swedish krona, corresponding to an improvement in profit of 2,365 million Swedish krona. After taxes, the company’s earnings grew to 1,201 million Swedish krona.
“Development continued in the right direction in the first quarter with an improved gross margin and operating profit, lower inventory and strong cash flow,” said Daniel Ervér, H&M CEO in a statement.
