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Bloomberg
Hennes & Mauritz (H&M) AB said sales growth accelerated as the Swedish retailer reduced the level of markdowns on its garments.
Revenue rose 23% excluding currency shifts in the three months through February. Sales amounted to 49.2 billion kronor ($5.1 billion). Analysts expected 49.1 billion.
Like other retailers, H&M decided to temporarily pause sales in Russia, its sixth-biggest market, accounting for about 4% of total revenue in the last quarter of the past fiscal year.
Stores in Ukraine were also closed for the safety of customers and employees.
In January, Chief Executive Officer Helena Helmersson set the goal of doubling the fast-fashion retailer’s sales by 2030, with sales growth to start increasing 10% to 15% a year again eventually.
H&M said in January it
expected that reduced markdowns would add 1 percentage point to margins in the first quarter. The Swedish retailer also said at the time
it’s planning net closures of 120 stores this year, mostly in Europe.