H&M net sales little changed in Q4

H&M posted a modest increase in fourth-quarter net sales for the three months ended 30 November on Thursday, just two weeks after the fast fashion giant announced plans to cut 1,500 jobs as part of a cost-cutting drive

In reported terms, H&M delivered sales of SEK 62.45bn (£4.93bn) in Q4, up from SEK 56.8bn (£4.48bn) a year go. Excluding Russia, Belarus, where the group wound up operations during the quarter, and Ukraine, the increase was 11% in SEK and 2% in local currencies.

In addition to the turbulence in Eastern Europe, the temporary shuttering of 15-50 stores across China due to Covid-19 restrictions also weighed on the group's performance.

For the full fiscal year to 30 Nov, net sales were up 12% at SEK 223.5bn (£17.64bn), while in local currencies, net sales were up 6% year-on-year.

H&M will publish its full-year financial report on 27 January.

As of 1040 GMT, H&M shares were down 4.10% at SEK 114.52 each.

Reporting by Iain Gilbert at Sharecast.com