In from the cold: H&M posts rising sales despite retailer putting its spring collection on hold
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 months ending 28 February.
The retailer also saw operating profit increase SEK 4,986m as it was bolstered by the roll out of its second hand clothes platform Sellpy.
For the month of March, H&M said that it expects to see sales increase by four per cent, however noted that it was forced to delay rolling out of its spring collection in some markets due to unusually cold conditions.
Helena Helmersson, chief executive of H&M said: “The H&M group continues to stand strong with a robust financial position, stable cash flow and a well-balanced inventory.
“The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10 percent already next year.”
Last March H&M announced the closure of 240 stores after its profits were damaged following the onset of Ukraine and Russian War.
Earlier this year, H&M also said that it would close some four sites across the UK due to a “rapid change” in customer behaviour.
None of the fashion retailers’ London sites were impacted by the move, however stores in Hartlepool, Maidenhead, Newport in Isle of Wight and Burton were forced to close.