Fashion

Sales of Swedish brand H&M up 17% in Q2FY22



In Q2 (Q2) of fiscal year 2022, Swedish fashion brand H&M’s net sales increased 17% to SEK 54,504 million (46,509). In local currency, the increase was 12%. In the first half of fiscal 2022, the H&M group’s net revenue at SEK grew 20% to SEK 103,670 million (86,569). In local currency, the increase is 15%.

Gross profit increased to SEK 29,846 million (25,049) in the second quarter. This corresponds to a gross margin of 54.8% (53.9). H&M said in a press release that the well-received collections reduced the cost of rebates by about 1 percentage point compared to sales.

In the second quarter of fiscal 2022, Swedish fashion brand H&M’s net sales increased 17% to SEK 54,504 million (46,509). In local currency, the increase was 12%. In the first half of fiscal 2022, the H&M group’s net revenue at SEK grew 20% to SEK 103,670 million (86,569). In local currency, the increase is 15%.

Sales for June 2022 are expected to be down 6% in local currency compared to June 2021. Paused sales in Russia, Belarus and Ukraine represent 5 percentage points of the decline. The June numbers should be viewed on a very strong comparative basis in June 2021, up 24%, while July and August increased by 6%.

H&M is accelerating its expansion in Latin America. A large number of leases have been signed for the new stores.

“H&M group sales increased during the quarter as a result of well-received collections with increased full-price sales and reduced sales. With a well-positioned customer offering, combined with mutually reinforcing physical and digital sales channels, we are fully focused on meeting our customers’ growing expectations for fashion. affordable and sustainable,” Helena Helmerson, CEO.

“To navigate in a rapidly changing world, it is more important than ever to be flexible and be able to make quick decisions. As a direct result of the challenges in the world around us, we are doing extensive work to prioritize initiatives, redistribute resources, and ensure continued profitability. We provide customer service that is well positioned and fully focused on meeting the growing expectations of our customers. Despite significant inflation around the world, customers should always feel confident that with all the brands of the H&M group, they will find the best combination of fashion, price, quality and Sustainability. With a strong customer focus, dedicated colleagues and solid financial position, we see a good opportunity for profitable, long-term and sustainable growth, explains Helmersson.

Fiber2 fashion news desk (RR)





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