H&M shares jump 13% as profit smashes expectations

Shares of a major Swedish retailer surged 13% in early trading on Wednesday following better-than-expected profit results for its fiscal first quarter. H&M’s operating profit reached 2.08 billion Swedish krona ($196 million), surpassing the 1.43 billion krona predicted by analysts. The company’s operating margin rose from 1.3% to 3.9%, despite a decline in year-on-year sales. H&M’s new CEO, Daniel Ervér, expressed satisfaction with the positive performance and highlighted the focus on profitability amidst increasing competition from other fashion retailers.