First quarter (
- The
H&M group's net sales in SEK increased by 12 percent in the first quarter toSEK 54,872 m (49,166). In local currencies the increase was 3 percent. ExcludingRussia ,Belarus andUkraine the increase was 16 percent in SEK and 7 percent in local currencies. - The gross margin was 47.2 percent (49.3). The external factors for purchases made for the first quarter were very negative compared with the corresponding period last year.
-
Sellpy, which is one of
Europe's largest second-hand platforms and was previously an associated company is being consolidated into theH&M group from the first quarter. -
Operating profit amounted to
SEK 725 m (458), corresponding to an operating margin of 1.3 percent (0.9). A positive effect from remeasurement of associates, primarily a one time effect relating to Sellpy, is included atSEK 999 m (0). -
The result after tax was
SEK 540 m (217), corresponding toSEK 0.33 (0.13) per share. -
Cash flow from operating activities increased to
SEK 4,986 m (3,624). -
Financial net cash amounted to
SEK 10,424 m (17,446). Cash and cash equivalents plus undrawn credit facilities wasSEK 38,923 m (42,848). - Sales for Portfolio Brands in the first quarter increased by 19 percent in SEK and by 11 percent in local currencies.
-
Stock-in-trade decreased by 16 percent currency-adjusted compared with the previous year.
-
For the period
1-31 March 2023 sales in local currencies are expected to increase by 4 percent compared with the same period last year. The start of the spring season has been delayed in many important markets as a result of cold weather. The spring collections have been well received where the weather has warmed up. -
In a recent report by environmental and climate organisation Stand.earth the
H&M group was the brand ranked highest for its climate actions out of a total of 43 fashion brands. -
The
H&M group is making progress towards reaching its long-term climate goals, as shown in the
annual and sustainability report for 2022 that is published today. -
The annual general meeting will be held on
4 May 2023 to resolve, among other things, on the board's proposed ordinary dividend ofSEK 6.50 per share, to be paid in two instalments, and the authorisation allowing it to buy back the group's own B shares in the period up to the 2024 annual general meeting for a maximum ofSEK 3 billion . The board of directors will wait to see how the company develops during the year and the authorisation will only be used if certain conditions are met.
"The
Comments by
Although the world around us remains challenging, we are seeing several areas where developments are going in the right direction. The external factors that influence purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and many of the changes that we have made in recent years are starting to have an effect. At the same time, the spring collections have been well received in the markets where spring has arrived. We see progress in all growth areas:
Portfolio brands - COS, Monki, Weekday, & Other Stories and Arket - have developed strongly and are making an increasingly important contribution to the group's growth. COS has carried out an extensive upgrade of its assortment and strengthened its positioning in the premium segment. Arket continues to grow at a fast pace and has tripled its sales since 2019.
New growth and ventures include new business models, partnerships and investments in startups. Ten years ago we began investing in Sellpy, which in a short time has become one of
To sum up, the
Communication in conjunction with the three-month report
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Contact
SE-106 38 Stockholm
Phone: +46-8-796 55 00, e-mail: info@hm.com
Registered office:
For more information about the
Information in this interim report is that which
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