Strong summer sales makes H&M’s profit jump 25%

International
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COPENHAGEN, Denmark (AP) — Low-cost fashion retailer Hennes & Mauritz AB says its third-quarter profit jumped 25% to 5 billion kronor on strong summer sales as the Swedish group’s recovery is well underway after a strategy shift.

The Stockholm-based group says its quarterly sales increased by 12% to 62.3 million kronor ($6.3 million), adding its online sales in the third quarter increased by 30%.

CEO Karl-Johan Persson said Thursday H&M was now “on the right track with our transformation work” and growth “was good in many markets,” namely in the U.S., India, Russia, Poland and Italy. Persson also singled out Chile where sales grew by 32%.

However, he added “things were a bit tougher in some of our franchise markets due to challenging macro factors.”

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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