STOCKHOLM (AFP) – Swedish clothing giant H&M said yesterday its net profit more than doubled in the first quarter, defying expectations as analysts were expecting a loss.
“Although the world around us remains challenging, we are seeing several areas where developments are going in the right direction,” chief executive Helena Helmersson said in a statement.
The world’s second largest clothing retailer posted a net profit of SEK540 million (USD51.9 million) for its first quarter – which runs from December to February. Analysts surveyed by Bloomberg were expecting an average loss of more than SEK1 billion.
A year earlier, the company reported a first quarter profit of SEK217 million.
