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H&M reported SEK1.21 billion in the fiscal first quarter

H&M reported an operating margin of 3.9% in the fiscal first quarter that runs to Feb. 29. Net profit was SEK1.21 billion for the quarter to Feb. 29 compared with SEK541 million a year earlier as sales fell 2.2% to SEK53.67 billion. Analysts polled by FactSet had expected net profit of SEK753 million on sales of SEK53.25 billion. The company is accelerating the upgrade of stores, refurbishing around 250 stores globally in 2024, and bringing more sourcing closer to its main markets.

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