Swedish fast fashion brand H&M Group’s net sales increased by 18% in the first quarter of fiscal year 2022 (Q1). After converting into Swedish krona, the group’s net sales increased by 23% to 49.166 billion kronor. Mainly due to the increase in full-price sales share and reduction in reduced-price sales costs.
Net sales since March 2022 have increased by 6% compared with the same period last year. Excluding Russia, Belarus and Ukraine, the increase was 11%.
The first H&M franchise store in Cambodia was successfully opened in March. In 2022, H&M will set new market targets in Ecuador, Kosovo, and North Macedonia, and will open stores in Costa Rica and Guatemala through franchise rights. In 2023, H&M plans to open its first store in Albania.
Group CEO Helena Helmersson said: We are deeply concerned about the war in Ukraine and are paying close attention to developments. We stand with all those calling for peace around the world. Once again we must be flexible and act quickly as circumstances change. H&M Group, H&M Foundation, and Erling-Persson Foundation have so far donated approximately 170 million Swedish kronor, as well as clothing and other necessities to organizations such as the United Nations Refugee Agency, Children’s Aid, the Red Cross, and UNICEF.
