Shareholders in H & M Hennes & Mauritz AB (publ) (556042-7220) are hereby invited to the annual general meeting (AGM) to be held at 15.00 CEST on Thursday, 4 May 2023 in the Erling Persson Hall, Aula Medica, Karolinska Institutet, Nobels väg 6 in Solna. Check-in for the AGM will open at 14.00 CEST.

The board of directors has decided to allow shareholders to exercise their voting rights by post prior to the general meeting in accordance with the company's articles of association.

Right to participate and notification of attendance

• The H&M group's net sales in SEK increased by 12 percent in the first quarter to SEK 54,872 m (49,166). In local currencies the increase was 3 percent. Excluding Russia, Belarus and Ukraine the increase was 16 percent in SEK and 7 percent in local currencies.
• The gross margin was 47.2 percent (49.3).

• The H&M group's net sales in SEK increased by 12 percent in the 2022 financial year to SEK 223,553 m (198,967). In local currencies the increase was 6 percent. Excluding Russia, Belarus and Ukraine the increase was 15 percent in SEK and 8 percent in local currencies.
• As communicated previously, results for the year were impacted by one-time costs of SEK 2,591 m for winding down the Russian operations and of a cost and efficiency programme.
• The gross margin was 50.7 percent (52.8).

As communicated previously, the H&M group has initiated a global programme to reduce costs and further improve efficiency in the business. The programme relates to administrative and overhead costs, and also entails reducing the workforce by around 1,500 positions.

Overall, it is estimated that this will provide annual savings of around SEK 2 billion which are expected to become visible in the second half of 2023. The programme is expected to result in a restructuring charge of just over SEK 800 million in the fourth quarter of 2022.