H&M Profit Tops Forecast As Recovery Gathers Strength

H&M had flagged in September that profit would land at around 2 billion crowns, much higher than feared as it recovered more quickly than expected from a pandemic-induced slump.

“Through much-appreciated collections and rapid, decisive actions, we returned to profit,” Chief Executive Helena Helmersson said. “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.”

In the March-May quarter, the pandemic pushed H&M into a steep loss, its first decades, as sales halved.

H&M said on Thursday its September sales were down 5% year-on-year in local currencies after they fell 19% in the three months through August.