H&M has announced it expects a return to profit this year, as its finances begin to recover post-Covid.
The Swedish fashion retailer’s results indicate a profit before tax of SEK 2bn (£177m) for the third quarter between June 1 and August 31, down 93.7% year-on-year.
Sales for the quarter were down 16% in local currencies, and 19% in SEK compared with last year.
H&M said its recovery was “better than expected” for the quarter, crediting more full-price sales and greater cost controls.
At the beginning of the quarter, around 900 of its 5,000-strong store estate remained closed due to the coronavirus pandemic.
As of August 31, just 200 of those stores were still closed to the public.
H&M will post results for the nine-month period to August 31 on October 1.
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