Mixed retail fortunes: H&M reports first quarterly profit in two years while Ted Baker issues second profit warning in four months
) posted its first rise in quarterly pretax profit in more than two years on Thursday as the world’s second-biggest fashion retailer said its drive to meet rapid changes in the market were on track.
“H&M delivered its first strong quarterly earnings in over four years, which could raise confidence in the turnaround,” investment bank Carnegie said in research note. “The continued development of more full-price sales and reduced markdowns contributed to a 26% increase in operating profit in the third quarter, all while maintaining a high level of activity in our transformation work,” CEO Karl-Johan Persson said in a statement.FILE PHOTO: An H&M sign is seen at the entrance to an H&M store in Palma on the island of Mallorca, Spain June 14, 2019.
Zara owner Inditex , H&M’s biggest rival, has been weathering challenges in the sector better than most yet its first-half results on Sept. 11 revealed disappointing margin growth that overshadowed a strong rise in sales.H&M’s inventories increased 9% to 42.0 billion crowns at the end of its third quarter, equivalent to 18.5% of sales. However, H&M said that, measured in local currencies, they shrank by 1% while the composition of the stock had kept improving.
H&M said sales in September, the first month of its fourth quarter, grew 8% in local currencies. Persson told analysts and media on a call that favorable weather had helped boost sales.
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