Swedish fashion giant H&M reports Q1 profit increase due to positive spring collection response.
Swedish fashion giant H&M has reported a rise in profits for the first quarter, driven by positive consumer response to its spring collection. The company's shares in Sweden surged after it revealed better-than-expected profits. Despite a 2% dip in net sales compared to last year, the decline was smaller than predicted, and sales have since increased by 2% in March. H&M's new CEO, Daniel Erver, is focused on improving profitability and is aiming for a 10% operating margin by the end of the year.
March 27, 2024
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