Swedish clothing major Hennes & Mauritz AB or H&M Group (HNNMY.PK,HMRZF.PK,HEN.L) reported Thursday that its second-quarter profit attributable to shareholders climbed to 5.01 billion Swedish kronor from last year's 3.30 billion kronor.
Earnings per share grew to 3.11 kronor from 2.02 kronor a year ago.
Operating profit increased to 7.10 billion kronor from last year's 4.74 billion kronor, corresponding to an operating margin of 11.9 percent, up from 8.2 percent last year.
Adjusted operating profit amounted to 7.20 billion kronor, compared to 4.67 billion krono last year, corresponding to an adjusted operating margin of 12.2 percent, compared to 8.1 percent a year ago.
H&M group's net sales increased 3 percent in the second quarter to 59.61 billion kronor from prior year's 57.62 billion kronor. In local currencies, net sales increased by 3 percent.
Looking ahead, the company said sales for the month of June 2024 are expected to decrease by 6 percent in local currencies, from last year's strong comparative figures.
According to the firm, the unstable weather in many of the H&M group's large markets at the start of June 2024 had a negative impact on sales, but sales recovered as the weather normalised at the end of the month.
Daniel Erver, CEO, said the company sees good conditions for continued profitable, long-term and sustainable growth.
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