Fashion retailer H&M says well-received collections and cost cuts helped it return to profit
STOCKHOLM—Hennes & Mauritz AB said its recovery from the coronavirus-led slump in retail had been better than expected, prompting shares in the fashion retailer to soar 12%.
The Swedish company said Tuesday that well-received collections, more full-price sales and its speedy response to Covid-19 had helped it return to profit in the three months to Aug. 31 after a heavy loss in the previous quarter., was forced to temporarily shut stores in many of its key markets as coronavirus lockdowns came into force, while demand for its garments was also hurt by uncertainty related to the pandemic.
The figures represent an improvement on the company’s performance in the second quarter, when it reported a 6.48 billion kronor loss on sales down 50%.
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