H&M sales rise despite fresh wave of Covid-19 disruption

H&M UY 2

H&M has registered rising sales during its first quarter despite “the negative effects of the pandemic” continuing to impact many of its international markets.

The Swedish fashion giant said net sales increased 18% on a local currency basis during the three months ending February 28. In constant currencies, net sales grew 23% to SEK 49.2bn (£4bn). 

H&M booked an operating profit of SEK 458m (£38m) during the period, compared with a loss of SEK 1.1bn (£93m) in its first quarter the previous year. Gross profit rose 27% to SEK 24.3bn (£2bn), as gross margins climbed 1.7 percentage points year on year to 49%. 

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