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H&M: Q1 earnings rise thanks to cost-cutting
(CercleFinance.com) - On Thursday H&M announced Q1 earnings that are higher than expected, with the Swedish group benefiting from cost reductions.
In the three months to 28 February, operating profit reached 725m SEK, i.e. a margin of 1.3%, compared with 458m SEK - or 0.9% of sales - a year earlier, well above the consensus, which was0 expecting a net loss of 1.1bn SEK. The world's second largest ready-to-wear company reported a 12% increase in net sales to 54.9bn SEK over the quarter, including 3% growth in local currencies. Meanwhile, its gross margin, a closely watched indicator, fell to 47.2% from 49.3% in the same period last year. Copyright (c) 2023 CercleFinance.com. All rights reserved. |
19/04/2024 18:06
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