THE WHAT? H&M Group has reported its results for the first half of fiscal 2022. The Swedish fast fashion brand saw sales increase 20 percent in the six months to May 31, 2022, while gross profit rose to SEK54.106 million.
THE DETAILS The group warned that June sales were likely to shrink compared to the same month last year due to paused sales in Russia. It also detailed ambitious plans for the Latin American region with a ‘large number’ of new leases signed.
THE WHY? Helena Helmersson, CEO, reveals, “The H&M group’s sales increase in the quarter is a result of well-received collections with increased full-price sales and lower markdowns. With a well-positioned customer offering, combined with physical and digital sales channels that strengthen each other, we are fully focused on meeting customers’ ever-increasing expectations of affordable and sustainable fashion.”