H&M beats earnings expectations as new CEO plots turnaround

H&M has said it aims to reach a 10% operating profit margin over the course of this year.

The company said it continues to monitor developments in the Red Sea and acts to minimise impact on the company's product availability, freight costs and stock levels. Pic: James Warwick

H&M, the world's second-largest listed fashion retailer, beat first-quarter operating profit expectations on Wednesday helped by a smaller-than-expected fall in sales.

The Swedish group posted an operating profit of €2bn, up from €725m and well above the €1.4bn expected by analysts in an LSEG poll.