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TRIBUNBATAM.id - Swedish fashion retailer, H&M, posted the first profit increase in more than two years.
Quoted from Reuters, Friday (4/10/2019) H&M spent a lot of money to revive its business after years of decreased profits. Sales at a number of outlets also had sluggish.
"H&M posted a strong first quarterly income in more than four years, which can increase confidence in the (business) change in direction," investment bank Carnegie said in its report.
With this solid financial performance, H&M shares have shot up 56 percent this year. Previously, H&M shares were at their lowest level in 2018.
Earnings before tax for the June to August quarter beat expectations.
This profit increased for the first time since the second quarter of 2017, to US $ 507 million.
Analysts expect the average profit increase to be 500 million US dollars.
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"The continued development of sales at full price and falling prices contributed to a 26 percent increase in operating profit in the third quarter, while maintaining a high level of activity in our transformation work," said H&M CEO, Karl-Johan Persson.
Earnings growth was also driven by the sales growth.
Last month, H&M stated that sales growth in the quarter was the highest in three years. This was driven by solid sales during the summer and an increase in market share.
But analysts still expect H&M to increase full-year earnings, for the first time since 2015. (*)
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