Share your thoughts on our News & Insights section. Complete our survey to help us improve.

Newsroom

Fashion retailer H&M's Q1 operating profit rises more than expected

3 retail share ideas to watch this Christmas
Reuters
Written by
Reuters
Published Mar 27, 2024

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

H&M, the world's second-biggest listed fashion retailer, reported on Wednesday a larger-than-expected operating profit for the December-February period.

This article is more than 6 months old

It was correct at the time of publishing. Our views and any references to tax, investment, and pension rules may have changed since then.

Operating profit in the Swedish group's fiscal first quarter was 2.08 billion crowns ($196.3 million), up from 725 million a year earlier, against a mean forecast of 1.43 billion in an LSEG poll of analysts.

H&M has said it aims to reach a 10% operating profit margin over the course of this year.

Measured in local currencies, H&M's sales from March 1 to 25 increased by 2%, the retailer said.

The Swedish fashion retailer, known for $19.99 jeans and dresses under $15, also sells leather trousers for more than $300 and, under its Cos brand, coats for as much as $1,190.

(This story has been refiled to add the missing word 'margin' in paragraph 3)

(Reporting by Marie Mannes in Stockholm and Helen Reid in London, editing by Anna Ringstrom and Louse Rasmussen)

Copyright (2024) Thomson Reuters.

This article was from Reuters and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.