Fashion retailer H&M turns losses to profits in third quarter

2:05 min

The Swedish fashion retailer H&M has moved into profit during the third quarter of this year, despite the corona crisis.

Preliminary figures on Tuesday showed a pretax profit of approximately 2 billion kronor and the company's shares are up.

The result means H&M are turning losses into profits. The second quarter in the company's split financial year ended in May, and meant a 50% drop in turnover compared to the year before and several billion in losses.

Now, the third quarter, ending in August instead shows a pre-tax profit of approximately 2 billion kronor, which is a lot more than the analysts had expected. It is however still less than half of what the company made during the same period last year.

Press play to hear what the company says is the reason for the recovery.