The share of the Swedish fashion company Hennes & Mauritz, which is also very well known in Germany, was up almost 19% at times today. The share price jumped from around 123 Swedish kronor at yesterday’s close to 146 Swedish kronor at times.
H&M published its annual financial report for fiscal 2022 today (Thursday). The report showed that the company achieved 7% sales growth, although profits fell 12% year-on-year.
Operating profit for the last quarter increased by 58 percent to 725 million Swedish kronor, equivalent to approximately 64 million euros. However, the positive operating profit is only attributable to the first-time consolidation of the second-hand platform Sellpy. These overall positive results ensured that investors were optimistic about this stock.
The company also offered extremely positive prospects for the future.
H&M announced that it will increase its efforts to promote the circular economy by increasing the use of recycled materials in its products and reducing the use of single-use plastic.
In addition, the textile group announced that it will continue its expansion in Asia by opening around 200 new stores in the region during 2023.