Business Report :
H&M posted on Thursday a 52-percent jump in net profit for the second quarter as the world’s second biggest fashion retailer pressed on with efforts to control costs.
Chief executive Daniel Erver said the company had achieved its “best profit and cash flow for many years” in the April-to-June period, with profit after tax reaching five billion Swedish kronor ($473 million).
He said the group’s profitability performance was strong in the first half of the year thanks to “gradual improvements in sales development” and “continued good cost control”.
Sales rose by three percent to 59.6 billion kronor at the world’s second biggest fashion retailer after Zara owner Inditex.