H&M ended its latest financial year with sales back to pre-pandemic levels and the highest profitability recorded in several years.

The fast-fashion brand said that using figures from 2021 as a baseline, it believes that sales will double by 2030 at the latest. The retailer also claimed that it would halve its carbon footprint in the same time period.

The company plans to boost investments to achieve its new growth and climate goals, expecting to spend 10 billion Swedish Crowns – equivalent to $1.1 billion – this year.

In 2021, H&M Group net sales in local currencies increased by 12 per cent. In the final quarter of the year – between September and November – sales were up 11 per cent.

H&M expects that for the period 1 December 2021 to 31 January 2022 sales in local currencies are expected to increase by 20 percent compared with the same period last year.

“By quickly taking decisive action we have succeeded in managing the negative effects of the pandemic,” said Helena Helmersson, chief executive. “We ended the year strongly, with sales back at the same level as before the pandemic and with profitability better than it has been for several years.

“Now that we are back to a more normalised situation with a strong financial position and good profitability, we can fully focus on growth again. We see significant opportunities to grow both sustainably and profitably. The goal for 2030 is to double sales while at the same time halving our carbon footprint. Profitability is to exceed 10 per cent over time.”

This year the retail giant plans to open stores in six new markets: the first launching in Ecuador, Kosovo, and North Macedonia, and via franchise in Costa Rica, Guatemala, and Cambodia.

H&M is also rolling out its online platform in Belarus, Colombia, Kazakhstan, Peru, and Ukraine this year.

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