H&M Group Q1 Profit Rises

Hennes & Mauritz AB (HNNMY.PK,HMRZF.PK,HEN.L) reported that its first quarter result after tax was 540 million Swedish kronor compared to 217 million kronor, prior year. Earnings per share was 0.33 kronor compared to 0.13 kronor. Profit for the period, excluding IFRS 16, was 515 million kronor compared to 173 million kronor.

Net sales in Swedish kronor increased by 12 percent in the first quarter to 54.87 billion kronor from 49.17 billion kronor. In local currencies, the increase was 3 percent. Excluding Russia, Belarus and Ukraine, the increase was 16 percent in Swedish kronor and 7 percent in local currencies.

The annual general meeting will be held on 4 May 2023 to resolve, among other things, on the board's proposed ordinary dividend of 6.50 kronor per share, to be paid in two instalments, and the authorisation allowing it to buy back the group's own B shares in the period up to the 2024 annual general meeting for a maximum of 3 billion kronor.

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