H&M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands.
Fashion retailer H&M's shares hit a 16-month high on Thursday after its second-quarter profit beat estimates.
Members of the shopping public pass beneath the H&M logo outside their shop at Oxford Circus, on 30th March 2023, in London, U.K.Fashion retailer H&M's shares hit a 16-month high on Thursday after its second-quarter profit beat estimates as cost-cutting measures started to bear fruit and its summer collection benefited from warmer weather in Europe.
H&M increased sales in many markets despite a squeeze on consumers' spending ability and "unfavourable" weather," CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe. H&M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure.
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