STOCKHOLM : Fashion retailer H&M reported a surprise operating profit for the December-February period as cost-cutting measures started to bear fruit, despite consumers' curbing spending amid soaring inflation and a delayed spring.Operating profit in the Swedish group's fiscal first quarter was 725 millio
STOCKHOLM : Fashion retailer H&M reported a surprise operating profit for the December-February period as cost-cutting measures started to bear fruit, despite consumers' curbing spending amid soaring inflation and a delayed spring.
"The start of the year shows that we have taken further steps towards the goal of achieving an operating margin of 10 per cent already next year," CEO Helena Helmersson said in a statement. H&M is seeking shareholder approval to buy back shares of up to 3 billion crowns, but said the board of directors would wait to see how the company develops before deciding whether to use the authorisation.
"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," Helmersson said.
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