H&M beats forecasts, aims to double sales by 2030
H&M is trying to draw a line under the global health crisis.
On Friday (January 28) the Swedish firm beat forecasts for the fourth quarter.
Profits leapt 64% on the year to $640 million.
They were up too on the same period in 2019, before the crisis times began.
The firm said that was down to good cost control and fewer mark downs.
And it said investment in technology helped it mitigate supply-chain disruptions that have dogged the industry.
Now the world's second-biggest clothing retailer is setting an ambitious goal for the future.
H&M says it wants to double sales by 2030.
To help achieve that it will double investments this year to around $1.1 billion.
After two tough years, Chief Executive Helena Helmersson says the company is now fully focused on growth again.
She says the new investment will center on areas including technology, the supply chain and sustainable materials.
H&M shares jumped 5% in early trade Friday.
