
Group H&M closed in 2024 year 204 stores, a total number of locations decreased by 116 compared to the previous year. Despite this, thanks to increased margins and effective cost control the profit net increased.
At the day of 30 November 2024 year Group H&M had 4 253 stores (compared to 4 369 years previously), which means a decrease by 116 locations, that is a reduction by about 3% of locations. During the financial year 2024 a total of 88 new stores were opened, while 204 were closed.
Results Group H&M for 2024 year. There is an increase in net profit
As follows from the Annual Report of Group H&M (period from 1 December 2023 to 30 November 2024) the company reported:
- Sales net in amount of 234 478 million SEK, which means a increase of 1% rdr in local currencies.
- Profit gross increased by 4% to 125 299 million SEK, which represents margin gross at level 53.4%.
- Costs of sales and administrative amounted 107 915 million SEK, which represents an increase of 1% in local currencies.
- Profit operating increased to 17 306 million SEK, which means the margin operating at level 7.4%.
- Profit operating increased by 28% in comparison to the previous year, excluding results of investments in affiliates and joint ventures.
- Profit net after tax increased by 33% to 11 584 million SEK, which represents 7.21 SEK per share.
Daniel Ervér, CEO Group H&M, comments:
“I am convinced, that we are moving in the right direction. We have set a clear strategy, focusing on our key activities. We are proud of progress in improving products, experience buying and building the brand. We still have a lot to do, but we have a solid plan, which will allow us to achieve long-term growth.
Sales in the fourth quarter increased by 3% in local currencies compared to the previous year. Our autumn collection, presented at a series of events in world fashion capitals – Milan, London and New York – was very well received.
Despite costs related to closures and increased investments in offering to customers, marketing and optimization of stores, margin both and operating profit increased. The positive development was influenced by strong online sales online, better presentation of products and more inspiring shopping experience, good accepted collections of women’s clothing and effective cost control .(…)”.
“In 2024 year we introduced significant improvements, focusing primarily on product offerings H&M, initially with a particular emphasis on female clothing, where we improved response to trends and adapting assortment to customers’ needs. In the
fourth quarter sales of womenswear at regular prices increased in all
channels of sales.” – adds.
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