H&M shares jump 14% as profit smashes expectations


HONG KONG, CHINA – 2021/08/07: Pedestrians cross the street in front of the Swedish multinational clothing design retail company Hennes & Mauritz, H&M, store in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

Sopa Images | Lightrocket | Getty Images

Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter.

Operating profit rose to 2.08 billion Swedish kronor ($196 million), versus the 1.43 billion kronor forecast in a poll of analysts by LSEG, formerly known as Refinitiv. The company’s operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10%…

Source cnbc.com

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