H&M profits inch up as pandemic store closures drag on performance

H&M sign

Swedish fashion giant H&M has reported growth in both revenues and profits – but it flagged that international coronavirus restrictions continued to slow its growth.

Between December 1, 2020, and August 31, 2021, H&M reported that profits after financial items was SEK8.29bn (£0.70bn), an increase of SEK1.6bn (£0.13bn), while profit after tax was SEK6.38bn (£0.54bn). 

Group revenues in local currencies grew 13% for the period, up to SEK142.10bn (£12.02bn) when converted into Swedish krona. 

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