Online sales at H&M Group have risen 40% in the six months to mid-2021, off the back of a 12% total rise in sales across the group. Sales grew by 75% in the second quarter of 2021, as shopper confidence continues to return.
Profit after financial items increased to SEK2,204m £186m). The group’s profit after tax amounted to SEK1,697m £143m).
Helena Helmersson, CEO, comments: “As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores. With the combination of much-appreciated collections, rapid adaptation and further improvements, our recovery is strong. Despite continued restrictions, sales increased significantly compared with the previous year. The third quarter have started well and we are almost back at the level we were at before the pandemic. I am proud of all our colleagues’ commitment and drive during this challenging period. The crisis has made us even stronger as a company. The lessons we have learned are enabling us to be even better and faster at making the most of new opportunities, and we are optimistic about the future.”
She continues: “Both existing and new customers are showing every day that they appreciate our customer offering with the best combination of fashion, price, quality and sustainability. Our long-term digital investments and increasingly integrated sales channels, along with more efficient ways of working and our customer focus, have been important during the pandemic. By being flexible and adapting quickly, all parts of the company have contributed to the recovery. At the same time, we can never sit back and relax. We are driven by a passion to continually improve the customer offering and the customer experience.”
Helmersson says: “Our transformation therefore continues at full speed in order to meet customers’ increased expectations and strengthen our competitiveness further. Here I would like to highlight our initiatives within tech, AI and the supply chain, where we have made great progress while still seeing further opportunities within areas such as greater precision and local relevance.”
She concludes: “In the wake of the pandemic we are seeing increasing demand globally for fashion that provides value for money and is sustainable, which we are well positioned for. Our brands are also offering an increasing number of services for a more sustainable lifestyle. In combination with our work to become circular and climate positive, we are also increasing the share of sustainable and renewable materials. We are developing the existing business and are also creating new complementary revenue streams. Together with profitable online growth and continued store optimisation this will contribute to long-term, profitable and sustainable growth for the H&M group.”