H&M reported a significant increase in net profit during the first quarter, more than doubling to 1.2 billion kronor ($113.3 million) compared to the same period last year. This surge was attributed to effective cost management and improved collaboration with suppliers. Operating profit also nearly tripled to 2.1 billion kronor, surpassing analyst forecasts.
Despite a two percent decline in sales, H&M noted a gradual improvement in February and rising sales in the first weeks of March. The new chief executive, Daniel Erver, emphasized a focus on driving profitable growth, aiming for a 10 percent operating margin for the full year 2024.
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