THE WHAT? Hennes & Mauritz has reported its results for fiscal 2021. The high street fashion chain saw sales rise 12 percent in local currencies (+6 percent in SEK) to hit SEK198,967 million thanks to a storming fourth quarter which saw sales return to pre-pandemic levels.

THE DETAILS Gross profit was also up, increasing to SEK105,006 million, corresponding to a gross margin of 52.8 percent, while profit after tax rose to SEK11,010 million, equivalent to SEK6.65 per share.

THE WHY? Helena Helmersson, CEO, commented, “We ended the year strongly, with sales back at the same level as before the pandemic and with profitability better than it has been for several years. Now that we are back to a more normalised situation with a strong financial position and good profitability, we can fully focus on growth again.

“The H&M group’s strong recovery continues. Customers are showing that they appreciate our customer offering with the best combination of fashion, quality, price and sustainability. By quickly taking decisive action we have succeeded in managing the negative effects of the pandemic. We ended the year strongly, with sales back at the same level as before the pandemic and with profitability better than it has been for several years. Now that we are back to a more normalised situation with a strong financial position and good profitability, we can fully focus on growth again. We see significant opportunities to grow both sustainably and profitably. The goal for 2030 is to double sales while at the same time halving our carbon footprint. Profitability is to exceed 10 percent over time.”