H&M swings back to profit as restrictions ease, stores reopen

The world's second-biggest fashion retailer swung to a pretax profit of €353m in the second quarter

Fashion retailer H&M reported a bigger than expected second-quarter profit as many of the company's stores reopened but earnings remained well below pre-pandemic levels and the group's shares fell sharply.

The Swedish company, along with other big clothing chains, is trying to bounce back from the pandemic, where restrictions and lockdowns earlier this year hit the industry's sales.