Fashion giant H&M beats full-year profit estimates as fourth-quarter sales miss

H&M connected Thursday reported a somewhat better-than-expected uptick successful operating profit, though income missed forecasts successful the 4th quarter.

The Swedish manner elephantine posted operating nett of 17.3 cardinal Swedish krona ($1.57 billion) for 2024, versus the 17.2 cardinal Swedish krona forecast by analysts successful an LSEG poll.

Fourth-quarter operating nett came successful astatine 4.6 cardinal Swedish krona versus the 4.2 cardinal Swedish krona analysts had predicted.

Sales, meanwhile, were 62.19 cardinal Swedish krona successful the 4th quarter, beneath the 63.48 cardinal forecast successful a Reuters poll, but up 3% successful section currencies. In 2024, income roseate 1% successful section currencies to travel successful astatine 234.58 cardinal Swedish krona.

"Sales and operating nett accrued successful the 4th fourth driven by beardown online sales, well-received women's manner collections and effectual outgo control. By focusing connected our halfway concern and delivering connected our plan, we are connected way towards long-term, profitable growth." CEO Daniel Ervér said successful a statement.

H&M has been struggling to vie against Inditex-owned rival Zara, arsenic good arsenic lower-cost retailers specified arsenic Chinese-founded accelerated manner elephantine Shein.

In September, the institution scrapped its net borderline target for 2024 arsenic higher costs and accrued contention deed third-quarter operating profit.

The results people the latest trial for CEO Ervér, who was appointed to the relation successful January 2024 to accelerate the group's turnaround.

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