H&M has continued its post-pandemic recovery with sales across all markets jumping 12% in its second quarter.
In a brief trading update issued today, the Swedish fashion giant reported that net sales in local currencies had jumped 12%. When converted to Swedish krona sales jumped 17% to SEK 54,504m between March 1 and May 31, 2022.
This follows an 18% jump in local currencies/23% jump in Swedish krona to SEK 49,166m in the first quarter of the year.
During the first quarter H&M booked an operating profit of SEK 458m (£38m) during the period, compared with a loss of SEK 1.1bn (£93m) in its first quarter the previous year. Gross profit rose 27% to SEK 24.3bn (£2bn), as gross margins climbed 1.7 percentage points year on year to 49%.
2022 has been another year of recovery for the brand after the pandemic shuttered vast swathes of its international store estate and badly hampered sales.
The retailer also took action earlier in the year in the response to the Russian invasion of Ukraine, pausing sales in Russia and Belarus as well as Ukraine.
The retailer also opened its first Atelier100 store in partnership with fellow Swedish giant Ikea at the new Livat Hammersmith shopping centre.
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