Posted By linker 5
Posted on January 29, 2021

STOCKHOLM (Reuters) – H&M, the world’s second-biggest fashion retailer, posted on Friday a September-November profit drop that was smaller than expected but said the second wave of the pandemic would have a substantial negative impact in the current quarter.
Pretax profit in the Swedish group’s fiscal fourth quarter fell to 3.67 billion crowns ($438.8 million) from a year-earlier 5.40 billion. Analysts polled by Refinitiv had on average forecast a 3.07 billion crown profit.
H&M said sales in December through January 27, the first two months of its first quarter, were down 23% measured in local currencies).
(Reporting by Anna Ringstrom; editing by Niklas Pollard)