Swedish clothing giant H&M said Thursday its net profit more than doubled in the first quarter, defying expectations as analysts were expecting a loss.
Shares in H&M surged following the announcement, rising nine percent in the early hours of trading on the Stockholm stock exchange.
The world's second largest clothing retailer posted a net profit of 540 million kronor for its first quarter -- which runs from December to February.A year earlier, the company reported a first quarter profit of 217 million kronor. Growth was driven by its two main markets, western Europe and the Americas, which more than offset a decline in eastern Europe owing to the closure of H&M's Russian shops after the invasion of Ukraine.
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