Hennes & Mauritz AB reported second-quarter earnings that beat analysts’ estimates as shoppers snapped up its low-cost clothing to replenish post-Covid wardrobes. The shares rose as much as 6.5% in Stockholm.
Pretax profit at the Swedish retailer rose by a third to 4.78 billion kronor ($470 million) in the three months through May, the company said Wednesday. Analysts had expected 3.98 billion kronor. H&M also announced plans to begin a 3 billion-kronor share buyback.