(Bloomberg) — Hennes & Mauritz AB reported a return to profit that surged far past analysts’ expectations, a bullish sign for purveyors of fast fashion.The Swedish clothing retailer estimated pretax earnings reached about 2 billion kronor ($230 million) in the three months through August, based on preliminary results. That’s eight times the average analyst estimate and almost double the highest forecast. The shares rose as much as 13% in Stockholm Tuesday morning.H&M attributed the earnings to revenue exceeding its expectations, well-received collections and more sales at full price. The report soothed concern about H&M’s perennial issue with a buildup of …read more
Source:: Yahoo Finance
