In from the cold: H&M posts rising sales despite retailer putting its spring collection on hold March 30, 2023 H&M sales soared in the first quarter of the year, despite the roll out of its spring collection having been delayed in many markets due to a spell of cold weather. The Swedish fashion brand, which has 194 stores across the UK, said that sales increased 12 per cent to SEK 54,872m (£4.82bn) during the three [...]
H&M to trim costs by £160m after profit dented by Russia exit September 29, 2022 H&M has said it is looking to slash costs to the tune of £160m after posting weaker than expected quarterly profit. The second largest apparel retailer saw its share price sink by almost four per cent on Thursday afternoon, after revealing a cost-cutting blitz in its third quarter results. For the June-August period, pre-tax profit [...]
H&M misses sales estimates as third quarter ‘got off to a weak start’ September 15, 2022 H&M has admitted its third-quarter “got off to a weak start” as shoppers fret about stark increases to household bills. The Swedish fashion group posted weaker than expected quarterly sales on Thursday, missing out on analyst expectations. Net sales were up three per cent from a year prior, at $5.4bn. However, Refinitiv analysts had expected [...]
H&M’s autumn profit beats expectations January 28, 2022 Fashion retailer H&M has surpassed expectations with a bigger profit increase than expected for its autumn trading period. In an update on Friday, the Swedish firm said pretax profit hit levels equivalent to £478.6m for the September to November period. Profit reached 6bn crowns in its financial fourth quarter, up from 3.67bn the previous year. [...]
H&M reveals 240 store closures in ‘established markets’ March 31, 2022 H&M has announced 240 global store closures after posting a slowdown in sales after suspending activities in Russia. The Swedish retailer has said it will open some 95 new stores and shut around 240 stores this year, with a net decrease of 145 spaces. Closures will “mainly be in established markets,” the fashion company said, [...]
H&M to wind down business in Russia after reopening stores to get rid of clothes July 18, 2022 The world’s second-largest fashion retailer H&M has said it will start winding down business in Russia, citing “the unpredictability of the future.” The Swedish clothing chain also blamed “current operational problems,” after it suspended sales in the country on 2 March. It is the latest firm to confirm a more permanent withdrawal of business in [...]
H&M warns more price increases could be on the way for shoppers as ‘many challenges’ continue June 29, 2022 The second largest global fashion firm H&M has warned it plans to hike prices even further this year. The Stockholm-based retailer posted pre-tax profit of 4.78bn Swedish crowns ($471m) on Wednesday, surpassing analysts’ expectations. Profit boosted by 33 per cent compared to the same period last year. The buoyant half-year results came after the fashion [...]
H&M axes four UK stores outside London as retailer warned it needs to ‘raise its game’ to differentiate from rival fashion chains February 1, 2023 H&M has announced plans to shutter four of its stores across the UK due to a “rapid change” in customer behaviour. None of the fashion retailers’ London sites have been impacted by the move, however stores in Hartlepool, Maidenhead, Newport in Isle of Wight and Burton are set to close. A spokesperson for H&M UK [...]
H&M beats expectations with sales boost amid warnings of rivals snapping up market share June 15, 2022 H&M has posted a sales boost larger than anticipated for the three month spring period, echoing figures from rival Zara last year. The Swedish fashion giant revealed net sales were up 17% year-on-year, or 12% measured in local currencies, at 54.5bn Swedish crowns (£4.36bn), According to the Reuters news agency, analysts polled by Refinitiv had [...]
Retail recovery race: Zara sales outpace rival H&M September 15, 2021 Sales at Zara-owner Inditex are almost back to pre-crisis levels, but arch-rival H&M is seeing a slower road to recovery. Watch the full report.