H&M, the Swedish fast fashion giant, has seen its Q1 sales go up by 23 per cent to an impressive £3.93 billion.
Importantly, the Q1 numbers are in line with the expectations of analysts and experts. Notably, net sales in local currencies increased by 18 per cent.
The retail bigwig has said that it will come out with its full-year quarterly earnings report on 31 March 2022.
H&M was one of the first retailers to have announced temporary closure of stores in Russia following the country’s invasion of Ukraine.
The Swedish fashion retailer has nearly 4,800 stores across the globe, of which about 170 are in Russia, thereby making the country the sixth largest market of H&M.
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.
