Press release

H & M Hennes & Mauritz AB Three-month report


First quarter (1 December 2022 – 28 February 2023)

  • The H&M group’s net sales in SEK increased by 12 percent in the first quarter to SEK 54,872 m (49,166). In local currencies the increase was 3 percent. Excluding Russia, Belarus and Ukraine the increase was 16 percent in SEK and 7 percent in local currencies.
  • The gross margin was 47.2 percent (49.3). The external factors for purchases made for the first quarter were very negative compared with the corresponding period last year.
  • Sellpy, which is one of Europe’s largest second-hand platforms and was previously an associated company is being consolidated into the H&M group from the first quarter.
  • Operating profit amounted to SEK 725 m (458), corresponding to an operating margin of 1.3 percent (0.9). A positive effect from remeasurement of associates, primarily a one time effect relating to Sellpy, is included at SEK 999 m (0).
  • The result after tax was SEK 540 m (217), corresponding to SEK 0.33 (0.13) per share.
  • Cash flow from operating activities increased to SEK 4,986 m (3,624).
  • Financial net cash amounted to SEK 10,424 m (17,446). Cash and cash equivalents plus undrawn credit facilities was SEK 38,923 m (42,848).
  • Sales for Portfolio Brands in the first quarter increased by 19 percent in SEK and by 11 percent in local currencies.
  • Stock-in-trade decreased by 16 percent currency-adjusted compared with the previous year.  
  • For the period 1–31 March 2023 sales in local currencies are expected to increase by 4 percent compared with the same period last year. The start of the spring season has been delayed in many important markets as a result of cold weather. The spring collections have been well received where the weather has warmed up.
  • In a recent report by environmental and climate organisation the H&M group was the brand ranked highest for its climate actions out of a total of 43 fashion brands.
  • The H&M group is making progress towards reaching its long-term climate goals, as shown in the
    annual and sustainability report for 2022 that is published today.
  • The annual general meeting will be held on 4 May 2023 to resolve, among other things, on the board’s proposed ordinary dividend of SEK 6.50 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 SEK 3 billion. The board of directors will wait to see how the company develops during the year and the authorisation will only be used if certain conditions are met.

“The H&M group continues to stand strong with a robust financial position, stable cash flow and a well-balanced inventory. The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10 percent already next year”, says Helena Helmersson, CEO.

Comments by Helena Helmersson, CEO

Although the world around us remains challenging, we are seeing several areas where developments are going in the right direction. The external factors that influence purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and many of the changes that we have made in recent years are starting to have an effect. At the same time, the spring collections have been well received in the markets where spring has arrived. We see progress in all growth areas:

H&M. We are continuing with a number of initiatives aimed at offering our customers even more value. Thanks to our investments in areas such as tech, AI and the supply chain, we have improved precision and faster response times – giving our customers access to an even wider and more relevant assortment that is adjusted to regions, stores and online. This can be seen most clearly within H&M womenswear, which is attracting more and more customers. We are also continuing with our initiatives to improve the customer experience, with more inspiration and flexibility in our physical stores and digital channels.

Portfolio brands – COS, Monki, Weekday, & Other Stories and Arket – have developed strongly and are making an increasingly important contribution to the group’s growth. COS has carried out an extensive upgrade of its assortment and strengthened its positioning in the premium segment. Arket continues to grow at a fast pace and has tripled its sales since 2019.

New growth and ventures include new business models, partnerships and investments in startups. Ten years ago we began investing in Sellpy, which in a short time has become one of Europe’s largest second-hand platforms. Now we are consolidating the company into the group, which visualises its value and generates a remeasurement effect of around SEK 1 billion in the quarter. We have more than 25 other promising companies in our portfolio such as Renewcell, TreeToTextile and Smartex, to name just a few.

To sum up, the H&M group continues to stand strong with a robust financial position, stable cash flow and a well-balanced inventory. Our increased level of investment within all three growth areas makes us well placed for continued sustainable and profitable growth. The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10 percent already next year.

Communication in conjunction with the three-month report

The three-month report, i.e., 1 December 2022 – 28 February 2023, will be published at 08:00 CEST on 30 March 2023, followed by a telephone conference at 09:00 CEST for the financial market and media. The telephone conference will be held in English, hosted by CEO Helena Helmersson, CFO Adam Karlsson and Head of IR Nils Vinge.

For log in details for the telephone conference please register on or via this link:

To book interviews in conjunction with the three-month report on 30 March 2023, please contact: Anna Frosch Nordin, Head of Media Relations, telephone +46 73 432 93 14,


Nils Vinge, Head of IR                       +46 8 796 52 50
Helena Helmersson, CEO                  +46 8 796 55 00 (switchboard)
Adam Karlsson, CFO                         +46 8 796 55 00 (switchboard)

H & M Hennes & Mauritz AB (publ)
SE-106 38 Stockholm
Phone: +46-8-796 55 00, e-mail:
Registered office: Stockholm, Reg. No. 556042-7220

For more information about the H&M group visit

Information in this interim report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication by the abovementioned persons at 08:00 (CEST) on 30 March 2023. This interim report and other information about the H&M group, is available at

H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M’s business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, & Other Stories, H&M HOME, ARKET and Afound  as well as Sellpy. For further information, visit