STOCKHOLM - Swedish fashion retailer H&M reported a much smaller than expected fall in first-quarter pretax profit on Friday as it sold more products at full price and saw an improvement in margins.
Shares in the world’s biggest apparel retailer after Zara-owner Inditex jumped 13 percent after its results, to 160 Swedish crowns by 0809 GMT, as it said markdowns would continue to fall in the current quarter. Pretax profit fell for the seventh straight quarter over December-February to 1.04 billion Swedish crowns from 1.26 billion a year ago. But it was well ahead of the 708 million forecast in a Reuters poll of analysts.
H&M’s heavy investment in logistics and the integration of stores and online to weather mounting competition and pressure from digitalization of the sector, as well as a review of its stores and brands to get back on track, have been squeezing margins.
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