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H&M reports $229 million in quarterly profits — 10 times higher than analysts forecast - Business Insider

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H&M reports $229 million in quarterly profits — 10 times higher than analysts forecast

The world's second-biggest fashion retailer made around 2 billion Swedish krona in profit before tax for the June to August quarter. Its shares were up 11% in early trading.

Analysts had on average forecast a profit of just 191 million krona , according to Refinitiv's SmartEstimate model, which is weighted towards more recent estimates and higher-ranked analysts. But H&M's profit is less than half of the 5 billion crowns it achieved in the same period a year earlier. Sales from the group's eight brands, which include H&M, Monki, and H&M Home, fell 19% to 50.9 billion crowns , against expectations of an 18% drop. This is a significant improvement on the previous quarter, where H&M's sales halved in the three months to May.

"H&M group's recovery is better than expected," the company, which has more than 5,000 stores globally, said in a statement. "More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter.", opening fewer new stores than planned, and permanently closing others to cut costs.A weekly serving of the biggest stories in fast food, shopping, and more. Sign up for our newsletter now.

 

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