Fashion retailer H&M posts surprise Dec-Feb profit
STOCKHOLM :H&M, the world's second-biggest fashion retailer, reported on Thursday a surprise operating profit for the December-February period, despite weak demand as consumers curtailed spending amid soaring inflation.
The company said consolidating the earnings of its Sellpy second-hand platform had boosted earnings by about 1 billion crowns, but warned that H&M's overall sales for the spring season had been delayed in many markets by cold weather. "The external factors that influence purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and many of the changes that we have made in recent years are starting to have an effect," Chief Executive Helena Helmersson said in a statement.
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