The figures show sales of €184.5 million, representing only a slight increase of 0.47 percent compared with the previous fiscal year. Net profits after tax, however, rose sharply to €4.58 million, almost double the €2.39 million recorded in 2022–2023, an increase of 91.7 percent.
The results also include extraordinary expenses of €1.87 million, a category that encompasses tax fines, surcharges, and forfeited guarantees totaling €886,632.
Of that amount, €361,433 relates to provisional fines imposed on six stores where Greece’s Independent Authority for Public Revenue identified cases of receipts not being transmitted during inspections.
Other extraordinary expenses involved adjustments to VAT filings and the write-off of receivables that could not be collected.
The accounts are accompanied by a qualified opinion from Deloitte’s statutory auditor. The auditor emphasized that the company’s tax obligations for the fiscal years ending November 30, 2019, 2023, and 2024 have not yet been examined by the Greek tax authorities.
This means the tax results for those years remain unsettled. H&M has not made estimates for any additional taxes or surcharges that could be assessed in future audits and has not set aside provisions for such potential liabilities. As the auditor noted, there is no reasonable assurance regarding whether such provisions may be required.
