First half-year (
The
H&M group's net sales in SEK increased by 9 percent in the first half-year toSEK 112,488 m (103,670). In local currencies net sales increased by 1 percent.The gross profit increased to
SEK 56,224 m (54,106). This corresponds to a gross margin of 50.0 percent (52.2).Operating profit amounted to
SEK 5,466 m (5,446), corresponding to an operating margin of 4.9 percent (5.3).The result for the first half was negatively impacted by high raw materials and freight costs, a strong US dollar, increased energy costs and the effects of winding down the operations in
Russia .The result after tax was
SEK 3,828 m (3,899), corresponding toSEK 2.35 (2.36) per share.Cash flow from operating activities amounted to
SEK 12,485 m (12,591).Financial net cash amounted to
SEK 7,700 m (16,313). Cash and cash equivalents plus undrawn credit facilities wasSEK 38,813 m (44,483).
Second quarter (
Net sales increased by 6 percent to
SEK 57,616 m (54,504) in the second quarter. In local currencies, net sales were flattish compared with last year.Gross profit increased to
SEK 30,338 m (29,846). This corresponds to a gross margin of 52.7 percent (54.8).Selling and administrative expenses increased by 3 percent to
SEK 25,585 m (24,858). In local currencies, these expenses decreased by 2 percent.Operating profit was
SEK 4,741 m (4,988). This corresponds to a gross margin of 8.2 percent (9.2).High raw materials and freight costs and a strong US dollar had a negative impact on the result compared with the previous year.
The result after tax was
SEK 3,288 m (3,682), corresponding toSEK 2.02 (2.22) per share.Sales for Portfolio Brands in the second quarter increased by 17 percent in SEK and by 12 percent in local currencies.
Stock-in-trade decreased by 20 percent currency-adjusted compared with the previous year.
Sales for the
H&M group during the period 1 -27 June 2023 increased by 10 percent in local currencies compared with the same period last year.The 2023 annual general meeting authorised the board to start a share buyback programme for a maximum amount of
SEK 3 billion in the period up to the 2024 annual general meeting. The board intends to provide further information in conjunction with the nine-month report published on27 September 2023 .
"We are taking important steps towards our goals. The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favourable direction," says
Comments by
With the second quarter behind us we can conclude that we have taken a number of further important steps towards our goals. We increased sales in many markets despite reduced purchasing power and unfavourable weather conditions compared with last year. The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favourable direction.
The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit. We are also continuing our initiatives focusing on the customer offering, while at the same time we want to give our customers an even better experience with more inspiration and flexibility in our physical stores and digital channels.
With a robust financial position, stable cash flow and a well-balanced inventory, the
Communication in conjunction with the six-month report
The six-month report, i.e.,
A telephone conference for the financial market and media will be held in English at
To book interviews in conjunction with the six-month report on
Contact
+46 8 796 52 50 | |
+46 8 796 55 00 (switchboard) | |
+46 8 796 55 00 (switchboard) |
SE-106 38 Stockholm
Phone: +46-8-796 55 00, e-mail: info@hm.com
Registered office:
Information in this interim report is that which
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