Fast fashion giant H&M Group has said that its net sales for the 2023 financial year, spanning December 1, 2022, to November 30, 2023, increased by 6 percent, compared with the year prior.
This amounted to 236.014 million Swedish krona (18.08 million pounds). Russia and Belarus were excluded from this total, yet the group reported that in this region sales rose 8 percent in krona and 1 percent in local currencies.
For the fourth quarter of the year, covering September 1, 2023, to November 30, 2023, net sales were flat in comparison to the same period last year, coming to 62.629 million Swedish krona (4.8 million pounds).
The results were similar to that of its third and second quarters, when the group also reported “flattish” results and said that the increase in sales came despite reduced purchasing power and unfavourable weather conditions.
In Russia and Belarus, the increase was 3 percent in SEK, yet in local currencies, a decrease of 1 percent.
In total, H&M said net sales fell 4 percent in local currencies.
The company noted that these figures were provisional, and may deviate from the full-year report set to be published January 31, 2024.
