Shares of H&M (STO: HMb) soared 8% on Thursday after the fashion retailer posted fiscal third-quarter results that topped market expectations.
H&M saw its pretax profit drop to 2.37 billion crowns ($265.6 million) from last year’s 5.01 billion. However, this was still comfortably higher than a 2.03 billion crown profit expected from the market’s analysts.
Expectations that the company will report a profit of around 2 billion crowns were mostly based on the company’s guidance from September.
Interested in investing after today’s move?
XTB gives investors access to thousands of UK and international stocks,
including fractional shares from just £1.
Explore stocks with XTB →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to invest in the stocks making the news?
Go from following the market to investing in it, with access to thousands
of stocks across major UK and international markets.
See available stocks →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Own the stocks you’re reading about
Invest in real shares across the UK, US and other major global markets
through XTB, all from one investment account.
Explore XTB shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
You don’t need to buy a whole share
Fractional shares let you invest from just £1, giving you more control
over how much you put into individual companies.
Explore fractional shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to see how XTB works first?
Explore the platform with an XTB demo account before deciding whether
you want to invest with real money.
Try the XTB demo →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
“Through much-appreciated collections and rapid, decisive actions, we returned to profit,” Chief Executive Helena Helmersson said. “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.”
September sales were down 5% compared to the same period last year after losing around 19% in the three months ending August. The Swedish giant said that only 3% remain temporarily shut out of 5,000 stores it operates worldwide.
H&M share price trades around 8% higher on the day to log the new 4-month high 167.55.
PEOPLE WHO READ THIS ALSO VIEWED:
