Online sales continue to grow at Swedish clothing retailer H&M

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

“The increase in profits for the H&M group shows that the strong recovery continues – despite sales partly affected by the restrictions and delays associated with the pandemic. The results can be explained by highly regarded collections, lower markdowns and good cost control combined with initiatives implemented in areas such as technology and the supply chain ”, Helena Helmersson, CEO of H&M Group, said in a press release.

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

In the third quarter ended August 31, 2021, sales from Europe and Africa were up 6% to SEK 39,021 million, while sales from North and South America increased from 51% to SEK 10,751 million. However, Asia and Oceania recorded a 17% drop in sales to SEK 10,751 million.

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

Gross profit amounted to SEK 29,559 million (SEK 24,851 million), while operating profit more than doubled to SEK 6,272 million (SEK 2,700 million). H & M’s profit for the period accelerated to SEK 4,692 million (SEK 1,821 million).

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

As of Aug. 31, 2021, H&M had 4,856 stores, down 187 from 5,043 stores in the same period of fiscal 20, according to the company. Additionally, H&M will launch in Chile in fall 2021 and in Peru, Colombia and Uruguay in the first half of 2022.

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

“The pandemic and its consequences are not yet over and we are affected by the many challenges in the world around us that affect our business, which require a high level of flexibility and dynamism. We adapted quickly with a focus on cash flow, cost control and flexibility, ”added Helmersson.

H&M Group, a Swedish multinational clothing retail company, reported 14% sales growth to SEK 55,585 million in the third quarter (Q3) of fiscal 21, during from the same period of 2020. Even though stores were partially allowed to open, the group’s online sales continue to grow with an increase of 22% in the reported quarter.

“With our continued transformation and our well-positioned customer offering – to meet ever-increasing customer expectations for value and sustainable fashion – we are optimistic about long-term, profitable and sustainable growth for the H&M Group. »Concluded in the press release.

Fibre2Fashion Information Office (JL)


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Anne G. Cash

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