The group's profit after tax amounted to SEK 1,243 m (13,443), corresponding to SEK 0:75 (8:12) per share.
Online and physical stores are being increasingly integrated, with continued optimisation of the store portfolio. Around 100 new stores are planned to open in 2021, while 350 stores are planned to close in the same period - mainly in established markets.
"The H&M group stands strong after all the challenges brought by the pandemic. Thanks to much-appreciated collections, rapid and profitable online growth and strict cost control, the company succeeded in ending the year in profit and in a strong financial position," says Helena Helmersson, CEO.
Comments by Helena Helmersson, CEO
"With strong, profitable online growth and good cost control we succeeded in ending the year in profit and with a strong financial position. Taking decisive measures quickly, combined with an attractive customer offering, led to a better recovery than expected up until the second wave of the pandemic struck. Our measures to mitigate the negative effects of ongoing restrictions and closures are continuing. Although the situation at the time of writing is highly challenging, the H&M group stands strong.
The recent years' transformation initiatives and investments, focusing on the digital, have been especially important for managing the crisis and this work is continuing at full speed. Customers want to meet us where, when and how they choose - in the stores, on our websites, on digital marketplaces and on social media. They are showing us clearly that they appreciate a convenient and inspiring experience in which the channels interact and strengthen each other. We are continuing our initiatives for digital growth, integration of the channels and optimisation of the store portfolio. Speed and flexibility will be even more important going forward, particularly in the supply chain, to ensure the best customer offering and increase availability in all channels.
Our key focus remains on developing strong, unique brands in order to always offer the best combination of fashion, quality, price and sustainability. The percentage of recycled and sustainable materials in the collections is consistently increasing and our brands are offering an ever-growing range of services for a more sustainable lifestyle. Together with our transformation initiatives this will help increase our resilience and adaptability and will contribute to sustainable and profitable growth for the H&M group."
Read more about the initiatives taken as part of our sustainability work on page 14.
Communication in conjunction with the full-year report
The full-year report for the 2020 financial year, i.e. 1 December 2019 - 30 November 2020, will be published at 08:00 CET on 29 January 2021 and will be followed by a telephone conference at 09:00 CET for the financial market and media hosted by CEO Helena Helmersson, CFO Adam Karlsson and Head of IR Nils Vinge. The press conference will be held in English. Presentation material will be available at hmgroup.com.
To book interviews in conjunction with the full-year report on 29 January 2021 please contact Kristina Stenvinkel, Communications Director, telephone +46 8 796 39 08,
Nils Vinge, Head of IR +46 8 796 52 50
Helena Helmersson, CEO +46 8 796 55 00 (switchboard)
Adam Karlsson, CFO +46 8 796 55 00 (switchboard)
H & M Hennes & Mauritz AB (publ)
SE-106 38 Stockholm
Phone: +46-8-796 55 00, fax: +46-8-20 99 19, e-mail:
Registered office: Stockholm, Reg. No. 556042-7220
For more information about the H&M group visit hmgroup.com.
Information in this interim report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under the EU Market Abuse Regulation (596/2014/EU). The information was submitted for publication by the abovementioned persons at 08:00 (CEST) on 29 January 2021. This interim report and other information about the H&M group, is available at hmgroup.com.
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M's business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, & Other Stories, H&M HOME and ARKET as well as Afound. The H&M group has 52 online markets and approximately 5,000 stores in 74 markets including franchise markets. In 2020, net sales were SEK 187 billion. The number of employees amounts to approximately 153,000. For further information, visit hmgroup.com.