H&M Group sales jumped by 5.7% in the first nine months of 2021 compared to the first nine months of 2020. The sales growth was mainly concentrated on three of its key markets.
In the US market, H&M Group made $2.3 billion in sales compared to 2020’s first three-quarter period. Succeeding closely by Germany with $2.2 billion sales volume.
While Sweden market witnessed the second-biggest increase in sales revenue. In Russia, H&M’s sales was $656 million, but the market still grew by almost one-third in terms of sales when compared to the period of January to September in 2020.
Even though clothing retailers like H&M have long-established a robust e-commerce framework. Still, the Swedish fashion giant greatly relies on physical stores.
H&M raked in a pretax profit of $695 million in its third quarter, growing the profit from the same period last year by 158 percent and from 2019’s third quarter by 22 percent.
Although H&M is focusing on sustainability solutions like customers bringing in their old clothing for H&M to recycle and utilizing sustainable cotton, but there are a lot of unsolved issues that remain in its supply chain.