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H & M Hennes & Mauritz AB Posts Q1 Profit; Net Sales In Local Currencies Up 18%

The H&M group (HNNMY.PK,HMRZF.PK,HEN.L) reported first quarter profit attributable to the shareholders of the parent company of 217 million Swedish kronor compared to a loss of 1.07 billion kronor, prior year. Profit per share was 0.13 kronor compared to a loss of 0.65 kronor. Profit for the period, excluding IFRS 16 was 173 million kronor compared to a loss of 1.14 billion kronor.

First quarter net sales increased to 49.17 billion Swedish kronor from 40.06 billion kronor, last year.

The company noted that its sales and profits for the quarter were impacted by the negative effects of the pandemic in many of its major markets. The result was also affected by increased growth-related initiatives, particularly within tech and the supply chain.

H&M group's net sales in the period 1-28 March 2022 increased by 6 percent in local currencies from a year ago. Excluding Russia, Belarus and Ukraine the increase was 11 percent.

The company's annual general meeting will be held on 4 May 2022 to resolve on the board's proposed dividend of 6.50 kronor per share, to be paid in two instalments, and the authorisation to buy back shares for cancellation for a total amount of 3 billion kronor.

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