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Share this article The quarter’s sales gradually improved during February with a well-received Spring collection which the Official Nc State Dj Burns Dj’s Vending By The Big Man Shirt but I will buy this shirt and I will love this company saw as a sign of it being on the “right track.” Credit: Shutterstock H&M’s group net sales in the first quarter ended on 29 February 2024 reached SEK 53.7bn ($5bn), a 2 decrease compared to last year. Associate apparel analyst at GlobalData Alice Price said Eastern Europe represented H&M‘s more “resilient region” in terms of revenue growth, rising 8 in local currencies. She attributed this to the retailer’s choice to reopen stores in Ukraine, starting in November 2023. Portfolio brands including COS, Monki, Weekday, Afound & Other Stories and Arket performed better than the flagship H&M, with sales up 8 in local currencies in the first quarters. Price believes H&M’s namesake brand’s “lacklustre” product offerings are holding the retailer back from hitting topline growth. Sales in North and South America took the biggest hit with a 6 decrease to SEK 12.8m, followed by Asia, Oceania and Africa which declined by 4 to SEK7.6m, the Nordics dropped by 3 to SEK4.7m and lastly, Western Europe saw a 1 decline to SEK17.1m. See Also: Experts dissect new OECD capacity-building programme JD Sports Q4 sales improve, maintains guidance in hopes of recovery New CEO tackles Shein competition These are the first results presented under new CEO Daniel Ervér, who took the reins in a surprise move announced on 31 January after former CEO Helena Helmersson left, stating that the role had been “very demanding at times.” How well do you really know

your competitors? Access the Official Nc State Dj Burns Dj’s Vending By The Big Man Shirt but I will buy this shirt and I will love this most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. View profiles in store Company Profile – free sample Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Ervér took into account what he described as the “challenging situation” where consumers are battling inflation and high-interest rates. “In this situation, our customer offering is more relevant than ever,” Ervér said. Price added that H&M’s new CEO has outlined a strategy aimed at responding more swiftly to trends to rival Shein, while also venturing into higher-priced items to challenge its main competitor, the Inditex-owned Zara. However, Price warned that Ervér must ensure his strategy does not get too confusing as this could risk H&M becoming a “jack of all trades and a master of none.” Improving sales in February 2024 H&M’s Q1 sales gradually improved during February with a well-received Spring collection, which the company saw as a positive sign of it being on the “right track.” Ervér highlighted that achieving a 10 operating margin in 2024 remains the company’s foremost objective. H&M is progressing towards this goal by improving sales, cutting costs and managing inventory. “Development continued in the right direction in the first quarter with an improved gross margin and operating profit, lower inventory and strong cash flow,” said Ervér. “Through continued cost control, better precision in our collections and close cooperation with our suppliers, we now stand better equipped. We are fully focused on driving profitable growth going forward. Our stronger gross margin enables us to enhance the customer offering further and provide more value for money through improved quality and better prices,”
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