H&M Group’s net sales have surged by 20 per cent to roughly £8.4 billion (SEK 103,670m) in the six months to 31 May 2022.

The world’s second largest fashion retailer also reported a 17 per cent net sales increase in the second quarter of the year.

The second quarter increase in local currencies was 12 per cent; discounting Russia, Ukraine, and Belarus, the increase in local currencies stood at 17 per cent as per net sales in SEK.

Due to Russia’s invasion of Ukraine, H&M has paused sales in Russia, Ukraine, and Belarus. The move led H&M to forecast a six per cent decrease in sales in local currencies in June – five per cent of which are attributable to the pause in sales.

In the first half, gross profit increased to around £4.37 billion (SEK 54,106m) at a gross margin of 52 per cent.

Helena Helmersson, chief executive of H&M, commented: “Well-received collections have led to strong development, with a further increase in full-price sales and decrease in markdowns.

“Sales in physical stores increased substantially while online continues to do well. This once again shows the value of having both physical and digital channels which strengthen and complement each other.”

Looking ahead, Helmersson, added: "As a direct consequence of the challenges in the world around us we are carrying out extensive work to prioritise initiatives, redistribute resources and ensure continued good profitability."

The fashion retailer also revealed plans to buy back shares for a total of SEK 3 billion in the period up to the 2023 annual general meeting.

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