Net sales

H&M Group net sales up 23% in the first quarter of FY22

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.

——————————

NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT

On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.