A year into his role, H&M chief executive Daniel Ervér has maintained that the retailer is “on track” as he reported higher sales and profits.
H&M posted an improved performance in its fourth quarter and for the full year.
The fashion giant’s net sales in the fourth quarter advanced 3% in local currencies to SEK62.19bn, and in the year to November 30 2024 edged up 1% to SEK234.47bn.
Operating profit inched up to SEK4.62bn in the quarter and increased to SEK17.30bn in the year, versus SEK14.53bn the previous year.
Ervér said that the fourth quarter performance was ”driven by strong online sales, well-received women’s fashion collections and effective cost control” and that by ”focusing on our core business and delivering on our plan, we are on track towards long-term, profitable growth”.
He added: ”After one year as CEO, I’m confident that we are on the right track. We have set a clear direction focusing fully on our core business - improving what makes the biggest difference for the customer and removing what doesn’t. We are proud of the progress we have made to further strengthen our products, shopping experience, and brand building. While there is a lot left to do, we have a strong plan to drive the long-term growth we are aiming for…
”While continued challenging macroeconomic conditions and geopolitical uncertainty may impact the consumer sentiment during 2025, we see some positive signs such as inflation and interest rates going down. Our diversified supply chain gives us the flexibility needed to mitigate negative external impact in different markets.
”This, together with our business idea – fashion and quality at the best price in a sustainable way – creates a strong resilience and positions us well for growth in the global fashion market.”
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