H&M's sales in local currencies back at pre-pandemic level

Net sales were up 8% year on year at 56.8 billion crowns ($6.22 billion) in the period, H&M's fiscal fourth quarter. Measured in local currencies, sales were up 11%.

"Despite continued restrictions and the negative consequences of the pandemic, the H&M group's sales in local currencies were back at the same level as in the fourth quarter of 2019," the company said in a statement.

At the end of November, around 115 H&M stores were temporarily closed due to restrictions, mainly in Austria and Slovakia. At the start of the quarter, about 100 had been closed, mainly in southeast Asia.

H&M warned on Sept. 30 that sales growth in September was held back by global supply chain disruptions but did not mention the issue in Wednesday's statement.