H&M shares soar as profits rebound
H&M is bouncing back faster than expected.
The world’s second biggest fashion retailer on Tuesday (September 15) reported a better-than-expected profit for June to August.
It hit about 2 billion Swedish crowns, or 229 million dollars.
That’s about ten times higher than analysts had expected.
Though it’s still down about 60 percent on last year.
H&M put the rapid turnaround down to a well-received range of clothes for the summer season.
It also said it sold more items at full price, and saw success controlling costs.
The results mark a swift turnaround on the March-May quarter.
Back then H&M sank to a deep loss as sales halved.
Analysts at Societe Generale called the latest numbers ‘very good news’.
And investors certainly took note too.
H&M shares soared over 12% in early European trade.
