FINANCIAL RESULTS GLOBAL
By IFAB MEDIA - NEWS BUREAU - July 3, 2023 | 64 6 minutes read
First half-year (1 December 2022 – 31 May 2023)
Second quarter (1 March 2023 – 31 May 2023)
“We are taking important steps towards our goals. The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favourable direction,” says Helena Helmersson, CEO.
Comments by Helena Helmersson, CEO
With the second quarter behind us we can conclude that we have taken a number of further important steps towards our goals. We increased sales in many markets despite reduced purchasing power and unfavourable weather conditions compared with last year. The summer collections have been well received and the third quarter has got off to a good start. The conditions for increased growth as well as profitability continue to develop in a favourable direction.
The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit. We are also continuing our initiatives focusing on the customer offering, while at the same time we want to give our customers an even better experience with more inspiration and flexibility in our physical stores and digital channels.
With a robust financial position, stable cash flow and a well-balanced inventory, the H&M group stands strong. Our long-term goals remain in place. Already next year the operating margin is to reach 10 percent.
Communication in conjunction with the six-month report
The six-month report, i.e., 1 December 2022 – 31 May 2023, will be published at 08:00 CEST on 29 June 2023, followed by a press conference at 09:30 CEST hosted by CEO Helena Helmersson, CFO Adam Karlsson and Head of IR Nils Vinge. The press conference for the financial market and media will be held in Swedish at H&M’s head office in Stockholm, Ljusgården, Mäster Samuelsgatan 49, 3rd floor.
A telephone conference for the financial market and media will be held in English at 14:00 CEST, hosted by CEO Helena Helmersson, CFO Adam Karlsson and Head of IR Nils Vinge.