Sweden's H&M , the world's second-biggest fashion retailer, beat quarterly profit forecasts as it recovered more quickly than expected from a coronavirus-induced slump, in a positive sign for the industry.
, the world's second-biggest fashion retailer, beat quarterly profit forecasts as it recovered more quickly than expected from a coronavirus-induced slump, in a positive sign for the industry.
That was well below 5 billion crowns a year earlier, but much higher than analysts’ mean forecast of 191 million crowns, according to Refinitiv’s SmartEstimate model, which is weighted towards more recent estimates and higher-ranked analysts. “Very good news and well above consensus,” said Societe Generale analyst Anne Critchlow of the third-quarter profits.
The company, which will publish its full quarterly report on Oct. 1, has been cutting staff, opening fewer new stores than planned and permanently closing others to cut costs.
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