Shares in fashion retailer H&M rose more than 13 per cent in early trading on Wednesday after it reported rising profits, signalling to investors that it is on track to hit its new higher targets.
In its first set of quarterly results since Daniel Ervér took over as chief executive last month, the Swedish company reported operating profit of SKr2.1bn in the three months to the end of February, compared with SKr725mn in the same period a year ago.
Net sales in the period were SKr5.4bn (€4.7bn). The 2 per cent fall compared with last year was less than analysts had expected.
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