H&M beats profit forecast in good start to summer

Exterior of H&M Barcelona store

H&M has reported stronger-than-expected profits and said its third-quarter sales were off to a good start. 

The fashion giant reported operating profit in its March to May second quarter of 4.74bn Swedish krona (SEK) (£0.35bn), down from 4.98bn SEK (£0.37bn) last year but ahead of analyst forecasts. 

Net sales increased 6% in the second quarter to 57.6bn SEK (£4.23bn), in local currencies flat compared with last year, while first-half net sales in local currencies increased by 1% to 112.5bn SEK (£8.27bn). 

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