H&M reports preliminary June-Aug profit of around 2 billion SEK


© Reuters. FILE PHOTO: A man leaves H&M shop in Riga

STOCKHOLM (Reuters) – Sweden’s H&M (ST:), the world’s second-biggest fashion retailer, on Tuesday reported a preliminary third quarter profit before tax of around 2 billion crowns (178.15 million pounds).

H&M said in a statement its recovery from the impact of the coronavirus pandemic was better than expected in the June through August period.

“More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter,” it said.

Net sales fell 19% to 50.9 billion crowns from a year earlier. Analysts had on average forecast an 18% fall, according to Refinitiv’s SmartEstimate model, which is weighted towards more recent estimates and higher-ranked analysts.

 

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