STOCKHOLM – Sweden’s Hennes & Mauritz AB said on Tuesday its recovery from the coronavirus-induced retail crisis had been better than expected, with preliminary results showing pre-tax profit of around SEK 2 billion (SEK 228 million dollars) during its third fiscal quarter.
The fashion retailer said well-received collections, swift and decisive action in response to Covid-19, full-price sales and tight cost controls all helped the company turn a profit in the three months leading up to it. August 31.
Pre-tax profit of SEK 2 billion compares to SEK 396 million expected in a FactSet survey and follows a loss of SEK 6.48 billion in the second quarter.
H&M reported a profit of SEK 5.01 billion in the third quarter of 2019.
Sales for the quarter fell 19% to SEK 50.87 billion, from SEK 51.53 billion expected by a FactSet survey. Sales in local currencies were down 16% year over year.
H&M said that at the start of the quarter, about 900 of its roughly 5,000 stores were temporarily closed, but by the end of the quarter, just over 200 stores were temporarily closed.
Final third quarter results will be released on October 1, he added.
Write to Dominic Chopping at [email protected]
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