H&M Group on Tuesday (March 15) announced its net sales for the first quarter of fiscal 2022 were up 23% year over year, finishing the three-month period ending Feb. 28 at 49.166 million SEK ($5.12 million), although that number might change when the full earnings report comes out March 31.
The Stockholm, Sweden-based retailer’s net sales in local currencies was up 18% for the quarter, the company press release says.
H&M is one of the increasing number of retailers who have suspended all sales in Russia since the country launched its attacks on Ukraine in late February. H&M stores in Ukraine have also been temporarily closed out of concerns for safety of employees and shoppers.
“H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering,” the company said in a statement earlier this month. “The situation is continuously monitored and evaluated. Representatives of the company are in dialogue with all relevant stakeholders.
“H&M Group cares for all colleagues and joins all those around the world who are calling for peace. Clothes and other necessities are donated by the company. H&M Foundation has also made donations to Save the Children and to UNHCR,” the company announcement says.
Related: H&M Stokes Fast Fashion Fight With $1B Plan to Double Sales, Slash Waste
In late January, H&M CEO Helena Helmersson said the company she’s run since the start of the COVID-19 pandemic is taking steps to double its sales while cutting its carbon emissions in half by 2030 at the latest.
H&M operates 4,800 stores and 54 online markets in about six dozen countries. As part of its $1 billion capex budget for this year, H&M plans to bring physical and digital retail to at least six additional markets, including stores in Ecuador, Kosovo and Cambodia, and the online expansion to Belarus, Colombia and Kazakhstan.
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