H&M sales up but cold weather slows Spring season

H&M group sales increased by 12 per cent between December and February following disappointing results in the previous quarter.

Over the three-month period, H&M recorded operating profits of £56.4 million, an improvement from £35.6 million during the same period of 2021.

But the company said that it expects sales to increase by only four per cent in March as the spring season was delayed across important markets due to cold weather.

At the end of last year H&M said that it saw profit losses as a result of winding down its business in Russia, as well as higher prices for raw materials and freight.

“Although the world around us remains challenging, we are seeing several areas where developments are going in the right direction," said Helena Helmersson, chief executive. “The external factors that influence purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and many of the changes that we have made in recent years are starting to have an effect.”

H&M’s latest financial results come after the company announced last year that it would reduce is workforce to cut costs across the business.

In November, the retailer said it would axe around 1,500 roles in total, not specifying where the cuts would be.

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