// H&M sales rise in first quarter of 2023
// Last year, H&M saw profits drop as it sought to retain its price-sensitive customers
H&M has posted a 12% increase in sales for the first quarter.
In the period between 1 December 2022 and 28 February 2023, the retailer said that excluding Russia, Belarus and Ukraine, the rise in net sales was 16%, and in local currencies, 7%.
Last year, H&M saw profits tumble as it sought to retain its price-sensitive customers and struggled with freight and energy costs.
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The group, which is now in the midst of a programme to reduce staff and cut other costs, will publish its full quarterly report on March 31.
The update comes as H&M launched a resale programme in the US in collaboration with ThredUp, an online consignment platform that has partnered with brands to run their used clothing sales.
The partnership makes H&M the largest retailer to work with ThredUp. It also marks H&M’s first resale marketplace in the US.
