H&M marks progress in selling unsold clothing stocks

The Swedish retailer keeps lagging competitor Zara in popularity, and both companies in turn have seen their market share under threat from Shein

Operating profit fell 5% in the three months through May, and H&M said it’s on track to reduce inventory further after a 20% reduction to the lowest level since the pandemic.

H&M shares shares surged after the Swedish clothing retailer made progress reducing a longstanding buildup of stocks, boosting optimism profitability will improve.

Operating profit fell 5% in the three months through May, and H&M said it’s on track to reduce inventory further after a 20% reduction to the lowest level since the pandemic.