Despite persistent retail limitations, H&M returns to pre-pandemic sales levels
16 December 2021, Mumbai:
H&M Group released its fourth-quarter and full-year sales report on Wednesday, and while it was sparse on details as is typical of the company it did demonstrate that sales are recovering and returning to pre-pandemic levels.
The world's second-largest apparel store posted Q4 sales of SEK56.8 billion (€5.52 billion/£4.49 billion/$6.22 billion) from September to November, which was in line with experts' estimates. Sales increased by 11% in local currency.
Importantly, the parent company of H&M, Cos, Monki, &OtherStories, Arket, and other brands stated that "despite persistent limitations and the negative impacts of the pandemic, the H&M group's sales in local currencies were back at the same level as in the fourth quarter of 2019."
Fashion retailers have been working hard simply to get back to where they were two years ago, and their success is amazing given that persistent constraints and customer caution are still concerns they must deal with across the world.
According to the corporation, roughly 115 stores were temporarily closed due to limitations at the conclusion of the quarter (primarily in Austria and Slovakia), which was higher than the 'only' 100 stores that were shuttered at the start of the three-month period (mainly in South-East Asia).
Net sales climbed by 12% in local currencies for the whole fiscal year, according to the company. When converted to Swedish crowns, the amount increased by 6% to SEK198.967 billion.
The store stated that its "solid recovery" is still ongoing. Customers are expressing their gratitude for the collections and the ability to purchase when, when, and how they choose." On January 28, the corporation will release its entire full-year report, including earnings data.
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