H & M Hennes & Mauritz AB Reports First Quarter Profit; Net sales in local currencies up 18%
(RTTNews) – H&M Group (HNNMY.PK, HMRZF.PK, HEN.L) reported first-quarter profit attributable to parent company shareholders of SEK 217 million versus a loss of SEK 1.07 billion the previous year. Earnings per share were 0.13 crowns against a loss of 0.65 crowns. Profit for the period, excluding IFRS 16, was 173 million crowns against a loss of 1.14 billion crowns.
First-quarter net sales increased to SEK 49.17 billion from SEK 40.06 billion last year.
The company noted that its sales and earnings for the quarter were impacted by the negative effects of the pandemic in several of its major markets. The result was also affected by the increase in growth-related initiatives, particularly in technology and supply chain.
H&M Group net sales in the period from March 1 to March 28, 2022 increased by 6% in local currencies compared to a year ago. Excluding Russia, Belarus and Ukraine, the increase was 11%.
The company’s annual general meeting will be held on May 4, 2022 to decide on the dividend proposed by the board of directors of 6.50 crowns per share, to be paid in two installments, and the authorization to buy back shares for cancellation for a total amount of 3 billion crowns.
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