H&M full-year sales up 12%

Sales at H&M were up by 12 per cent to around £17.7 billion (SEK 223,500) this year compared to 2021.

In the final quarter, the retailer saw sales increase by 10 per cent to nearly £5 billion (SEK 62,450 ).

The full-year results are a welcome uplift to the fast fashion brands financial outlook, after the company saw sales decline by more than anticipated in the third quarter.

The announcement comes weeks after the fast fashion brand said it was reducing its workforce to cut costs across the business.

H&M revealed it would get rid of around 1,500 roles in total, but did not specify where jobs would be axed.

At the time H&M said that the move was part of a global programme to drive down costs and improve efficiency, with the initiative relating to administrative and overhead costs.

The company says that the job cuts would provide an annual saving of roughly £160 million.

In the final quarter, H&M wound up its operations in Russia and Belarus, with with the remaining stock being sold off and the last stores having closed on 30 November.

During same period, around 25–50 stores in China were temporarily closed due to new Covid outbreaks.

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