Nine months (
- The
H&M group's net sales in SEK increased by 13 percent in the first nine months of the financial year toSEK 161,120 m (142,154). In local currencies the increase was 8 percent. - As communicated previously, a one-time cost for winding down the Russian operations has impacted the results for the period.
-
The gross margin excluding the one-time cost for
Russia was 51.3 percent (51.8).
The reported gross margin was 51.1 percent (51.8). -
Operating profit excluding the one-time cost for
Russia wasSEK 8,099 m (8,996) and the operating margin was 5.0 percent (6.3). The reported operating profit wasSEK 6,348 m (8,996), corresponding to an operating margin of 3.9 percent (6.3). For rolling 12 months the operating margin was 5.8 percent (6.6). -
The group's profit after tax excluding the one-time cost for
Russia wasSEK 5,778 m (6,389), corresponding toSEK 3.49 (3.86) per share. Reported profit after tax amounted toSEK 4,430 m (6,389), corresponding toSEK 2.68 (3.86) per share. -
Financial net cash was
SEK 17,441 m (24,874). Cash and cash equivalents plus undrawn credit facilities amounted toSEK 45,700 m (55,408).
Third quarter (
- Net sales increased by 3 percent to
SEK 57,450 m (55,585). In local currencies, net sales decreased by 4 percent. -
A one-time cost of
SEK 2,104 m related to the winding down of the Russian operations has impacted the result for the quarter. -
Gross margin excluding the one-time cost for
Russia was 50.4 percent (53.2). The reported gross margin was 49.0 percent (53.2). Increased raw materials and freight prices as well as a stronger US dollar resulted in substantial cost increases for purchases of goods. -
Operating profit excluding the one-time cost for
Russia wasSEK 3,006 m (6,272), corresponding to an operating margin of 5.2 percent (11.3). The reported operating profit wasSEK 902 m (6,272), corresponding to an operating margin of 1.6 percent (11.3). -
The group's profit after tax excluding the one-time cost for
Russia wasSEK 2,151 m (4,692), corresponding toSEK 1.30 (2.83) per share. Reported profit after tax amounted toSEK 531 m (4,692), corresponding toSEK 0.32 (2.83) per share. -
The autumn collections have been well received. Sales increased by 7 percent in local currencies in the period 1 -
27 September 2022 compared with the same period in 2021. -
A cost and efficiency programme is being initiated to further streamline the business. Overall, this is expected to result in annual savings of around
SEK 2 billion . The savings from the programme is expected to become visible in the second half of 2023. -
Agreements have been signed with developers of new solar farms to secure access to renewable energy for many years to come. This will help the
H&M group reach its carbon reduction targets as well as securing energy prices for parts of its own operations.
"The autumn collections have been well received and sales in September are up on the previous year, providing important proof that the
Comments by
"The third quarter has largely been impacted by our decision to pause sales and then wind down the business in
Long-term initiatives to meet customers' ever-increasing expectations are continuing. This involves ensuring the best customer offering for all the brands and the best customer experience. In a situation of high inflation where household living costs are rising significantly it is more important than ever to offer customers the best value for money.
Sales channels are being increasingly integrated, alongside continued digitalisation of the supply chain. Efficiency, speed and flexibility have never been more important. In parallel, a programme to reduce costs and further improve efficiency is being initiated. From the second half of 2023 onwards this is expected to result in annual savings of around
With loyal customers all over the world, engaged colleagues and sound finances, in combination with a long-term perspective, we see good opportunities to strengthen our position despite the situation in the world around us. The autumn collections have been well received and sales in September are up on the previous year, providing important proof that the
Communication in conjunction with the nine-month report
The nine-month report, i.e.,
For log in details for the telephone conference please register at hmgroup.com or via this link:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=2619696&linkSecurityString=3035c8a40
To book interviews in conjunction with the nine-month report on
Contact
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-nine-month-report,c3638692
https://mb.cision.com/Main/769/3638692/1632206.pdf
(c) 2022 Cision. All rights reserved., source