H&M shares jump as early summer sales shine. Read more:
STOCKHOLM - Swedish fashion group H&M said sales of its summer collections had started well and it would open fewer stores this year than previously planned as it adapts to the online shift, boosting its shares by 10%.
H&M, the world’s second-biggest fashion retailer after Zara owner Inditex, said that sales in June, the first month of its fiscal third quarter, were up 12%, beating analyst forecasts. In the second quarter, they were up 11%. H&M also said it was reducing the net number of new stores it plans to open in 2019 to around 130, down from 175 in its previous plans, as it invests more in its ecommerce offering.H&M shares traded around 10% higher by 0735 GMT.
H&M reported a pretax profit for the three months to the end of May, its fiscal second quarter, of 5.9 billion crowns , down from a year-ago 6.0 billion, slightly shy of analyst expectations.H&M has seen profits shrink and inventories rise in recent years as its core budget brand has not kept up with the growth of ecommerce and tougher competition, and not reacted fast enough to demand swings.
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