#Retail & Brands

2024-06-27

H&M Group reports robust Q2 and six-month performance

The H&M Group has reported a robust performance in the second quarter (March 1, 2024 – May 31, 2024), with net sales rising by 3% to SEK 59,605 million. Gross profit surged by 11% to SEK 33,569 million, improving the gross margin to 56.3%. Operating profit increased significantly to SEK 7,098 million, achieving an operating margin of 11.9%. Adjusted operating profit stood at SEK 7,297 million. The result after tax soared by 52% to SEK 4,995 million.

In the first half of the year (December 1, 2023 – May 31, 2024), net sales edged up by 1% to SEK 113,274 million. Gross profit rose to SEK 61,224 million, and the operating profit increased to SEK 9,175 million. Cash flow from operating activities improved to SEK 16,567 million.

H&M has been recognized by Stand.earth for its climate initiatives, receiving the highest score among leading fashion brands. Additionally, the company’s AGM authorized the potential buyback of B shares until the 2025 AGM.

CEO Daniel Ervér highlighted the group's best results in years, emphasizing the company's strong financial position and commitment to sustainable growth. Despite a predicted 6% decrease in June sales due to adverse weather conditions, H&M remains optimistic about continued growth.

Key Highlights:

+ Q2 net sales: +3% to SEK 59,605 million

+ Q2 gross profit: +11% to SEK 33,569 million

+ H1 net sales: +1% to SEK 113,274 million

+ H1 gross profit: SEK 61,224 million

+ Stand.earth recognition for climate efforts

+ Authorization for potential B share buyback

With a focus on customer experience and strategic investments, H&M is poised for profitable and sustainable growth.

Textile‑to‑textile recycling leader Circulose joins Spinnova’s ecosystem to accelerate technology scale‑up

Textile‑to‑textile recycling leader Circulose joins Spinnova’s ecosystem (consortium) to help advance the scale‑up of Spinnova’s technology. Spinnova has actively sought partners to accelerate commercial scale‑up, and Circulose, as a key player in textile recycling, strengthens the ecosystem by providing a raw material that is in high demand across the industry.

UNIFI® introduces Luxel™: A Linen-inspired, easy-care performance yarn

Unifi, Inc. (NYSE: UFI), the makers of REPREVE® and one of the world’s leading innovators in recycled and synthetic yarns, today announced the launch of Luxel™, a groundbreaking yarn technology that combines the luxurious look and feel of linen with high-performance, easy-care, and textile-to-textile recycled materials.

Recover™ secures multi-year recycled cotton agreement with H&M

Recover™ has signed a multi-year agreement with H&M to support the integration of its recycled cotton fiber, RCotton, for use in H&M’s products. Since early 2024, H&M and Recover™ have collaborated on product development, which now enables scaled commercial introduction of Recover™ mechanically recycled cotton into H&M’s collections.

GORE-TEX® KIDSWEAR launches innovative membership scheme for kids’ jackets

With its revolutionary new membership model, GORE-TEX® Kidswear now offers families a simple, flexible and sustainable way of kitting out their children in top-quality jackets. It is aimed at the parents of children aged between five and ten and kicks off with a choice of functional winter jackets.

Pioneer of the first hour: Michael Carus steps down after more than 30 years from nova-Institute’s Management

After more than three decades at the helm, founder and CEO Michael Carus is set to step down as head of the Renewable Carbon division on 1 March 2026. Lars Börger as the new CEO, will take over this key position of the nova-Institute together with COO Linda Engel, while Carus will remain with the research and consulting company as a senior advisor and shareholder. This change takes place after a one-year transition phase, as planned.

Teijin Carbon advances sustainability leadership with EcoVadis, CDP reporting and expanding Tenax Next™ sustainable carbon fiber portfolio

As the composites industry intensifies its focus on measurable environmental, social and governance (ESG) progress, Teijin Carbon announces significant milestones that advance its position among the sector’s most sustainability-driven material suppliers. Teijin Carbon Europe achieved an EcoVadis score of 72/100 in the 2025 assessment, ranking among the top 15% of evaluated companies in its industry.

KARL MAYER (China) celebrates its 30th anniversary

On February 6, KARL MAYER (China) celebrated the new year and its 30th anniversary. Employees and the management team at the Changzhou location, as well as representatives from management in Germany, Italy, and Hong Kong, were invited to the festivities. A special highlight was the visit by Lutz Wolf, CEO of KARL MAYER.

UK Manufacturer Basic Prints commits to digital-first production model with dual investment in Kornit Digital’s Apollo

Kornit Digital, a global leader in sustainable, on-demand digital fashion and textile production technologies, today announced that UK clothing manufacturer Basic Prints has expanded its digital production capacity with a second Kornit Apollo Direct-to-Garment (DTG) system. This marks a strategic shift supporting Basic Prints’ digital-first manufacturing model.