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Net sales in the period from September 1, 2022, to November 30, 2022, increased by 10 per cent to SEK 62,451 million, compared with the corresponding period last year. In local currencies, net sales were unchanged compared with the same quarter last year. Excluding Russia, Belarus, and Ukraine, the increase was 11 per cent in SEK and 2 per cent in local currencies, H&M said in a press release.
H&M, a multinational clothing company based in Sweden, has reported 12 per cent year-on-year increase in net sales development to SEK 223,571 million (approximately $21899.10 million) for fiscal 2022, covering the period from December 1, 2021, to November 30, 2022. The company’s net sales in local currencies increased by 6 per cent YoY in FY22.
The H&M group’s operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on November 30. During the quarter around 25–50 stores in China were temporarily closed due to new COVID outbreaks.
The amounts provided by the company in the recent press release are provisional and may deviate slightly from the full-year report that will be published on January 27, 2023.
Fibre2Fashion News Desk (DP)
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