For the full year, H&M group’s net sales in SEK increased by 6 percent to 236,035 million Swedish krona. Excluding Russia and Belarus the increase was 8 percent in SEK and 1 percent in local currencies.
The company’s net sales in the fourth quarter amounted to 62,650 million Swedish krona. Excluding Russia and Belarus the increase was 3 percent in SEK and decreased by 1 percent in local currencies.
The H&M group’s sales decreased by 4 percent in local currencies in the period between December 1 to January 29, 2024 compared with the same period the previous year.
“Operating profit has been positively impacted by a stronger gross margin, the cost and efficiency programme, and good cost control,” said Helena Helmersson, CEO.
Highlights of H&M’s full year results
The company said in a statement that sales for portfolio brands in the financial year increased by 15 percent in SEK and by 9 percent in local currencies.
Gross profit increased by 7 percent to 120,896 million Swedish krona, corresponding to a gross margin of 51.2 percent. Operating profit increased to 14,537 million Swedish krona, corresponding to an operating margin of 6.2 percent.
Operating profit amounted to 14,714 million Swedish krona, corresponding to an operating margin of 6.2 percent.
The result after tax increased by 145 percent to 8,723 million Swedish krona, corresponding to 5.35 Swedish krona per share.
Review of H&M’s fourth quarter results
Gross profit increased by 8 percent to 33,657 million Swedish krona, corresponding to a gross margin of 53.7 percent. Operating profit amounted to 4,509 million Swedish krona. This corresponds to an operating margin of 7.2 percent.
Operating profit increased to 4,332 million Swedish krona, corresponding to an operating margin of 6.9 percent.
The company’s board of directors plan to propose an unchanged ordinary dividend of 6.50 Swedish krona per share to be paid in two instalments.
