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H&M Made More Profit Than Expected

H&M Made More Profit Than Expected
Photo Courtesy: Reuters

In March-May of 2022, H&M reported higher-than-expected profits. At this time, the sales of the Swedish fashion retail company also exceeded the forecast. Hence, the company’s sales have increased both online and in-store. However, the company warned that despite the higher-than-expected profits, many challenges remain. These include rising inflation around the world, supply disruptions, and the impact of Russian aggression on Ukraine. So, the article contains H&M Made More Profit Than Expected.

From March-May, H&M’s net profit rose 33 percent to 36 crores and 40 Lakhs US dollars over the same period last year. Despite the closure of Russia, Ukraine, and Belarus due to the geopolitical crisis, the company’s sales rose 17% to 5,450 crore Swedish krona.

Helena Helmerson, Chief Executive of H&M, stated that progress in raising money for sale has contributed to strong growth. Moreover, in most parts of the world, buyers have returned to the store due to the lifting of COVID-19 restrictions. As a result, strong online sales growth continues.

He said that obstacles and delays in the global supply system are slowly easing. However, inflation remains a significant obstacle. These issues, including the situation related to the Ukraine war, are constantly being assessed for our business. We are actively looking at different options.

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