The Strategist

H&M's quarterly profit rises higher than forecasts

07/01/2022 - 03:13

H&M, a Swedish apparel chain, released its results for the first half of 2022 and the second quarter.

Pos Lam Wrowury Uemkpoa
Pos Lam Wrowury Uemkpoa
The business reported that its overall revenue in the second quarter was SEK 54.5 billion (€5.2 billion), up 17% from the same period last year, and its net income was SEK 4.8 billion (€448 million), up 33%. Refinitiv's poll forecasted a 3.87 billion kroner (€363 million) quarterly profit.

The boost, according to the business, was caused by a rise in consumer spending when coronavirus limitations were loosened and a decline in COVID-19 instances. The company's CEO, Helena Helmersson, reported a considerable growth in physical store sales together with stable internet sales.

Following publishing of the papers, H&M stock increased 6% in Stockholm trading.