STOCKHOLM (Reuters) -H&M, the world’s second-biggest listed fashion retailer, reported on Wednesday a larger-than-expected operating profit for the December-February period.
Operating profit in the Swedish group’s fiscal first quarter was 2.08 billion crowns ($196.3 million), up from 725 million a year earlier, against a mean forecast of 1.43 billion in an LSEG poll of analysts.
H&M has said it aims to reach a 10% operating profit over the course of this year.
Measured in local currencies, H&M’s sales from March 1 to 25 increased by 2%, the retailer said.
The Swedish fashion retailer, known for $19.99 jeans and dresses under $15, also sells leather trousers for more than $300 and, under its Cos brand, coats for as much as $1,190.
(Reporting by Marie Mannes in Stockholm and Helen Reid in London, editing by Anna Ringstrom and Louse Rasmussen)
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