(AOF) – H&M climbs 13.32% to 174.86 Swedish crowns on the Stockholm Stock Exchange. The ready-to-wear specialist achieved better than expected results for its first quarter ended February 29, with a net profit of 1.21 billion Swedish crowns compared to 541 million for the same period. last year. The consensus was 753 million. Operating profit stood at 2.08 billion crowns compared to 725 million and a consensus of 1.43 billion crowns.
H&M’s turnover came to 53.25 billion crowns, down 2.2% but above forecasts: 53.25 billion.
“Current activity represents another favorable reference point, with sales up 2% for most of March,” notes Jefferies.
The Swedish group has also announced the implementation of a cost reduction program which should enable it to save 2 billion Swedish crowns per year.
“Our top priority is to strengthen sales and our objective of an operating margin of 10% for the 2024 financial year is therefore maintained,” said the group’s managing director, Daniel Erver.
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