H&M reports preliminary Q3 profit of nearly US$230 million

H&M reports preliminary Q3 profit of nearly US$230 million

FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan in New York
FILE PHOTO: The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar/File Photo

STOCKHOLM: Sweden's H&M, the world's second-biggest fashion retailer, on Tuesday reported a preliminary third-quarter profit before tax of around 2 billion crowns (US$229 million).

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 per cent to 50.9 billion crowns from a year earlier. Analysts had on average forecast an 18 per cent fall, according to Refinitiv's SmartEstimate model, which is weighted towards more recent estimates and higher-ranked analysts.

Source: Reuters

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