In its annual report, the international fashion giant H&M Group announced plans to open approximately 100 new stores this year while closing about 160 stores. Despite a net decrease of 60 stores, the remaining outlets are expected to make more positive contributions to sales. By the end of 2024, H&M has closed 31 stores. In 2023, the company opened 101 new stores and closed 197, resulting in a total of 4,369 stores for all its brands worldwide by the year-end.
H&M Group indicated that the number of store closures would decrease in the future while new openings would continue. This year, around 250 stores will undergo renovations, including locations in New York, London, Berlin, and Stockholm. Most new stores are planned for growth markets, while most closures will affect mature markets. The H&M brand plans to open its first store in Brazil by 2025.
By store brand, H&M operates 3,872 stores in 77 markets; COS has 245 stores in 47 markets; & Other Stories has 72 stores in 25 markets; Weekday has stores in 14 countries and regions; Monki has 64 concept stores in 15 markets; Arket has 30 stores in 14 markets.
H&M Group also reported a 2.2% decrease in sales in the first quarter to 53.7 billion Swedish kronor (approximately $5 billion), with a 7% increase in gross profit and a gross margin of 51.5%.
