H&M third-quarter pretax profit rise beats forecast

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STOCKHOLM (Reuters) – H&M (ST:), the world’s second-biggest fashion retailer, reported on Thursday a rise in fiscal third-quarter pretax profit that beat market expectations and said sales grew 8% in September in local currencies.

The quarterly pretax profit increase was the Swedish group’s first since the second quarter of 2017.

Pretax profit in the June through August period was 5.01 billion crowns ($507.4 million), up from a year-ago 4.01 billion. Analysts had on average forecast a profit of 4.93 billion crowns, according to Refinitiv data.

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