H&M Group on Tuesday, March 15 announced its turnover for the first quarter of fiscal 2022 rose 23% year-over-year, ending the three-month period ending February 28 at SEK 49.166 million ($5.12 million), although this number may change when the full results report is released on March 31.
The Stockholm, Sweden-based retailer’s net sales in local currencies increased 18% for the quarter, the company’s press release said.
H&M is among a growing number of retailers that 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 for employee and shopper safety reasons.
“H&M Group is deeply concerned about the tragic developments in Ukraine and stands with all those who are suffering,” the company said in a statement earlier this month. “The situation is continuously monitored and assessed. Company representatives engage with all relevant stakeholders.
“The H&M group cares about all its colleagues and joins all those around the world who call for peace. Clothing and other basic necessities are donated by the company. The H&M Foundation has also made donations to Save the Children and UNHCR,” the company’s announcement reads.
Related: H&M Stokes is battling fast fashion with a $1 billion plan to double sales and reduce waste
In late January, H&M CEO Helena Helmersson said the business she’s led since the start of the COVID-19 pandemic is taking steps to double sales while halving carbon emissions by 2030 at the latest.
H&M operates 4,800 stores and 54 online marketplaces in around six dozen countries. As part of its $1 billion capital 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 online expansion in Belarus, Colombia and Kazakhstan.