"H&M has closed more then 135 stores globally and is set to shut more as cost cutting has boosted profits."
"In the quarter to the end of August H&M reported operating profits of £390 million compared to £280 million the previous year."
"Through a stronger customer offering, an improved gross margin and good cost control, we have strengthened operating profit compared with the same quarter last year. "The increase in profit shows that we are on the right track as a result of the progress we have made in our plan. "In an environment of ongoing uncertainty with cautious consumers, all of us within the H&M group are consistently focusing on our customer offering - always giving the best value for money. "Our strong culture, together with good cost control and flexibility, allows us to continue building a stable foundation for long term, profitable and sustainable growth in an increasingly complex environment, while taking additional important steps towards our ambitious sustainability goals.""
H&M has closed more than 135 stores globally and expects additional closures in the current quarter. Cost-cutting measures and an improved gross margin helped operating profit rise to £390 million in the quarter to the end of August, up from £280 million the previous year. Consumers remain cautious amid economic uncertainty. The company is emphasizing a stronger customer offering, good cost control, flexibility, and value for money. The focus on operational improvements and sustainability aims to build a stable foundation for long-term, profitable, and sustainable growth.
Read at London Business News | Londonlovesbusiness.com
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