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H&M: stock slumps after Q1 results

( - H&M (Hennes & Mauritz) shares are down over 8% on the OMX this morning, despite reporting higher post-tax profit of 217 million Swedish kronor for Q1, significantly better than the loss of 1.
07 billion Swedish kronor a year ago.

The Scandinavian fashion chain's net sales rose 23% to almost 49.2 billion Swedish kronor (+18% in local currencies), while its gross margin improved by 1.7% to 49.3%.

However, H&M said that it was affected by the negative effects of the pandemic in many of the group's major markets, as well as by increased growth-related initiatives, particularly in technology and supply chain.

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