Full-year (
- The
H&M group's net sales in SEK increased by 12 percent in the 2022 financial year toSEK 223,553 m (198,967). In local currencies the increase was 6 percent. ExcludingRussia ,Belarus andUkraine the increase was 15 percent in SEK and 8 percent in local currencies. -
As communicated previously, results for the year were impacted by one-time costs of
SEK 2,591 m for winding down the Russian operations and of a cost and efficiency programme. - The gross margin was 50.7 percent (52.8). Adjusted for the one-time costs the gross margin was 50.8 percent (52.8).
-
Operating profit was
SEK 7,169 m (15,255), corresponding to an operating margin of 3.2 percent (7.7). Adjusted for the one-time costs, operating profit amounted toSEK 9,760 m (15,255) and the operating margin was 4,4 percent (7.7). -
The group's profit after tax was
SEK 3,566 m (11,010), corresponding toSEK 2.16 (6.65) per share. Adjusted for the one-time costs, profit after tax amounted toSEK 5,634 m (11,010), corresponding toSEK 3.41 (6.65) per share. -
Cash flow from operating activities amounted to
SEK 24,476 m (44,619). -
Financial net cash was
SEK 10,929 m (17,857). Cash and cash equivalents plus undrawn credit facilities amounted toSEK 39,176 m (42,649).
Fourth quarter (
- Net sales increased by 10 percent to
SEK 62,433 m (56,813). In local currencies, net sales were flat. ExcludingRussia ,Belarus andUkraine the increase was 11 percent in SEK and 2 percent in local currencies. -
As communicated previously, the results were impacted by a one-time cost of
SEK 836 m for the cost and efficiency programme. -
Gross profit amounted to
SEK 31,011 m (31,341). This corresponds to a gross margin of 49.7 percent (55.2). The external factors for purchases made for the fourth quarter were very negative compared with the corresponding period last year, with a historically strong US dollar. -
Operating profit was
SEK 821 m (6,259), corresponding to an operating margin of 1.3 percent (11.0). The lower profit in the fourth quarter when compared with the same quarter in the previous year is mainly explained by the negative external factors, loss of the operating profit previously contributed byRussia and the one-time cost of the cost and efficiency programme. -
The group's result after tax was
SEK -864 m (4,621), corresponding toSEK -0.53 (2.79) per share. -
Currency adjusted the stock-in-trade decreased by 3 percent compared to the previous year. Converted to SEK the stock-in-trade amounted to
SEK 42,495 m (37,306). The composition is assessed to be good.
-
The
H&M group's sales increased by 5 percent in local currencies in the period1 December 2022 -25 January 2023 compared with the same period last year. ExcludingRussia ,Belarus andUkraine sales increased by 9 percent in local currencies. -
Capex is planned to increase by around 50 percent to
SEK 10 billion in 2023. -
The board of directors is proposing an ordinary dividend of
SEK 6.50 per share to the annual general meeting to be paid in two instalments. -
The board of directors will also ask the 2023 annual general meeting for authorisation allowing it to buy back the group's own B shares in the period up to the 2024 annual general meeting for a maximum of
SEK 3 billion . The board of directors will wait to see how the company develops during the year and the authorisation will only be used if certain conditions are met.
"Sales in the new financial year have started well. The external factors are still challenging, but are moving in the right direction. Combined with our investments and efficiency improvements, there are very good prerequisites for 2023 to be a year of increased sales, and improved profitability. Thus, our goal of achieving a double-digit operating margin for full-year 2024 remains in place," says
Comments by
"Although 2022 was a turbulent year characterised by negative external factors such as geopolitical challenges and substantial cost inflation, our sales increased by 6 percent during the year. Having left the worst of the negative effects of the pandemic behind us, war broke out in
The external factors that have had a negative effect on our purchasing costs are gradually reversing and are expected to become positive for our results in the second half of 2023. Purchasing costs are already lower for the orders being placed now compared with the same time last year. In addition, the second half will also see the positive effect of the cost and efficiency programme that is expected to provide annual savings of
Our highest priority is the
Despite the tough situation in the world around us the
Communication in conjunction with the full-year report
The full-year report for the 2022 financial year, i.e.,
A live audio broadcast and telephone conference for the financial market and media will be held in English on
To ask questions during the Q&A session, please see instructions in the confirmation email.
To book interviews in conjunction with the full-year report on
Contact
+46 8 796 52 50 | |
+46 8 796 55 00 (switchboard) | |
+46 8 796 55 00 (switchboard) |
SE-106 38 Stockholm
Phone: +46-8-796 55 00, e-mail: info@hm.com
Registered office:
For more information about the
Information in this interim report is that which
https://news.cision.com/h---m-hennes---mauritz-ab/r/h---m-hennes---mauritz-ab-full-year-report,c3704320
https://mb.cision.com/Main/769/3704320/1808163.pdf
(c) 2023 Cision. All rights reserved., source