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H&M Reports Jump in Profit as Shoppers Rush Back to Stores

  • Strong demand has allowed for less discounting of items
  • June sales are expected to show a 6% decline on Ukraine impact
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Photographer: Akos Stiller/Bloomberg
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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.