STOCKHOLM (dpa-AFX) - Swedish clothing major Hennes & Mauritz AB or H&M Group (HNNMY.PK, HMRZF.PK, HEN.L) reported that its profit attributable shareholders for the fourth quarter climbed to 3.09 billion kronor or 1.92 kronor per share from 1.58 billion kronor or 0.97 kronor per share in the prior year. The company said it is on track towards long-term, profitable growth.
The H&M group has three long-term targets: long-term sales growth of at least 10 percent per year, an operating margin that exceeds 10 percent and a 56 percent reduction in greenhouse gas emissions no later than 2030, with 2019 as a baseline.
H&M Group's operating profit for the fourth quarter increased by 7 percent to 4.62 billion kronor from 4.33 billion kronor in the prior year. The increase in profits was due to good online sales, well-received women's collections, a higher gross margin and good cost control.
Net sales for the fourth quarter declined to 62.19 billion kronor from 62.65 billion kronor last year. But net sales increased by 3 percent in local currencies.
The board of directors has proposed to the 2025 annual general meeting that an ordinary dividend of 6.80 kronor per share, an increase from 6.50 kronor, is to be paid in two instalments.
The first payment of 3.40 kronor will be made in May and the second payment of 3.40 kronor will be made in November. The board's proposed record dates are 9 May 2025 and 7 November 2025. If the annual general meeting.
The company said its board will ask the 2025 annual general meeting for a general authorization allowing the board to buy back the group's own B shares in the period up to the 2026 annual general meeting.
The first H&M store in Brazil will open in São Paulo towards the end of 2025.
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