As customers flocked to its stores in the wake of the pandemic, H&M, the second-largest apparel retailer in the world, posted a forecast-beating 33 per cent gain in March-May profit on Wednesday.
The Swedish business increased its pretax profit for the second quarter of its fiscal year from 3.59 billion crowns to 4.78 billion crowns ($471 million). A 3.87 billion crown profit was the average prediction of the analysts surveyed by Refinitiv.
While online sales are doing well, traditional store sales have risen significantly. Sales at H&M have decreased over the past year as a result of a consumer backlash to the retailer’s comments regarding the Xinjiang area. Lockdowns caused by COVID-19 have also decreased consumer demand generally.
The business also disclosed that it has made the decision to repurchase shares worth 3 billion crowns using the authority granted by shareholders at its annual general meeting in May.
The apparel company had earlier this month reported that the quarter’s revenues, assessed in local currencies, had increased by 12%. Despite higher expenses, H&M was able to raise its operating margin thanks to higher full-price sales and fewer markdowns.
Fashion retailers have struggled with high transportation and raw material expenses, which businesses have been passing on to customers by boosting prices.
The Indian billionaire Mukesh Ambani has handed over control of Reliance Industries’ telecoms division to his son Akash, paving the way for a change in leadership at his energy-to-retail conglomerate.
In order to help his children through the change, he has positioned seasoned executives, lifelong friends, and family members. As a result, they have taken on bigger responsibilities at annual public meetings and led some corporate announcements.
The first transaction in the nation involving cash-backed digital financial assets was carried out by the fintech firm Lighthouse and the Russian lender VTB’s subsidiary, VTB Factoring. Russian businesses now have substantially easier access to finance thanks to new commercial debt financing technology.
The central bank has long expressed doubt about cryptocurrencies, Atomyze citing concerns about financial stability and calling for a complete ban on trading. Russia was legally allowed to exchange digital assets.
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