H&M Group Q4 net sales rise on firm demand

The H&M Group, a Swedish multinational clothing company, posted a rise in sales for the fourth quarter amidst a recovery from Covid-19 induced headwinds.

The Stockholm-headquartered firm reported rise in net sales by 11 percent in local currencies, compared with the same period a year ago. Also, for the 12-month period to November, the company's net sales rose by 12 per cent.

When the local currencies are converted to Swedish krona (SEK), net sales for the November quarter increased by eight per cent to SEK 56.813 billion, compared to the same three-month period of 2020. For the full-year 2021, net sales climbed by six percent to SEK 198.967 billion, year-on-year basis.

Amidst persisting of Covid-19 induced issues, at the beginning of the fourth quarter, around 100 stores were temporarily closed, mainly in South-East Asia.

Separately, at the end of the quarter, around 115 stores remained temporarily shut, mostly in Austria and Slovakia.