// H&M profits rise 25% thanks to successful summer collection
// Third quarter re-tax profits jumped from £32m to £41m
// Net sales were up 12% during the period to £5.06bn
H&M has reported a 25 per cent rise in profits in the third quarter as its summer collections were “well received”.
In the period from ending August 31, pre-tax profit jumped from 4.01 billion kroner (£32 million) to 5.01 billion kroner (£41 million), ahead of the analyst consensus of 4.89 billion kroner (£40 million).
Net sales were up 12 per cent during the period to 62.57 billion kroner (£5.06 billion), driven by a boost in online sales, which rose 30 per cent.
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H&M has said it has reduced discounting and increased its online presence.
Meanwhile, sales in local currencies in September 2019 increased by eight per cent compared to September the previous year.
“Well received summer collections and increased market share show that we are on the right track with our transformation work to meet customers’ ever-increasing expectations,” H&M chief executive Karl-Johan Persson said.
The retailer said: “The integration of the online and physical stores continues at full speed.”