H & M Hennes & Mauritz AB (H&M) is a retailer of fashion apparel and accessories, opened 104 new stores, and closed 321 existing stores resulting in net store closings of 217 in 2021, similarly, the company also closed around 58 stores in 2020. The company offers products under brands such as H&M, Afound, COS, Monki, Weekday, Sellpy, Arket, and & Other Stories. H & M also sells its products through various e-commerce channels. The company had 4,801 stores in 75 markets at the end of the financial year 2021, while COS had 275 stores in 47 markets.
In 2021, the 217 stores closed owing to the decrease in store traffic caused by the negative impact of the pandemic and the company temporarily paused all sales in Ukraine, Russia, and Belarus. They redirected and reallocated products between the sales markets and sales channels, thereby strengthening their online channels.
By the end of FY2021, H&M operated 4,801 stores, down from 5,018 operational stores in 2020. Of the 4,801 stores in 2021, the H&M brand had the most retail space with 4,242 stores, followed by 275 COS stores, 98 Monki stores, 78 stores of & Other Stories, 24 Arket stores, and the remaining 84 stores of Afound, Weekday, and Sellpy.
The H&M group’s net sales in local currencies increased by 12% in the 2021 financial year. Earnings after financial items amounted to SEK14,300 million and sales increased to SEK199 million. The company is operating in 75 markets, of which 54 markets also offer online sales.
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