H&M, the world’s second-biggest fashion retailer, said that its second-quarter profits hit almost $439 million. The Swedish firm said its summer collection was doing well as warm weather arrived in Europe
shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes.
The share price jump was likely helped by a "short squeeze", said Adam Cochrane, analyst at Deutsche Bank Research, adding that "investors are reassessing the likelihood of H&M reaching management's 10% EBIT margin target given the better cost control evidenced in the quarter." Sales from June 1-27 were up 10% from a year earlier, a good sign for the start of H&M's third quarter. The H&M womenswear collection, as well as strong performance from the Cos and Arket brands, drove the boost in sales, Helmersson said.
H&M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure, which Helmersson said could lead to it lowering prices.
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