// Sales at H&M return to pre-pandemic levels in the fourth quarter
// Net sales were up 8% year on year at £4.69 billion in the period
Sweden’s H&M Group, the world’s second-biggest fashion retailer reported on Wednesday an increase in September through November sales that was in line with expectations.
The retailer revealed a strong recovery as sales measured in local currencies in the September to November period matched pre-pandemic levels in 2019, according to the group’s fourth quarter and full-year sales report.
Net sales for the fourth quarter increased up 8 per cent to £4.69 billion, while net sales in local currencies rose by 11 per cent.
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For the 2021 financial year, net sales increased by 12 per cent in local currencies. Converted to Swedish crowns, net sales increased by 6% to £16.44 billion.
The group, which also owns H&M, COS, Arket, Monki and &OtherStories, said in a statement: “The H&M group’s strong recovery continues. Customers are showing that they appreciate the collections and being able to shop where, when and how they choose.
“Despite continued restrictions and the negative consequences 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.”
H&M Group added that it has temporarily closed around 115 stores, mostly in Austria and Slovakia, due to Covid-19 restrictions. The company temporarily closed around 100 stores, mainly in South-East Asia at the beginning of the quarter.
The group said that it will issue its complete full-year report on January 28 2022.
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