H&M: in demand after preliminary results
(CercleFinance.com) - The H&M (Hennes & Mauritz) share jumped 11% on the OMX on Tuesday morning, after the ready-to-wear chain announced that it estimates, on a preliminary basis, its pre-tax profit for its third accounting quarter at around 2 billion Swedish kronor (c.
190 million euros).
Thanks to popular collections, as well as decisive and swift action, the H&M Group's turnaround is proving better than expected, it said, pointing to higher full-price sales and strong cost control.
In its third quarter (June to August), sales declined by 19% to 50.87 billion Swedish kronor, including a 16% drop in local currency, a development that it says reflects the Covid-19 situation.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
190 million euros).
Thanks to popular collections, as well as decisive and swift action, the H&M Group's turnaround is proving better than expected, it said, pointing to higher full-price sales and strong cost control.
In its third quarter (June to August), sales declined by 19% to 50.87 billion Swedish kronor, including a 16% drop in local currency, a development that it says reflects the Covid-19 situation.
Copyright (c) 2020 CercleFinance.com. All rights reserved.