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H&M flags more price hikes, beats profit expecations by fewer discounts

Pretax profit at world's second-biggest fashion retailer jumped 33% from a year earlier to 4.78 bn crowns ($471 mn) in the Swedish group's second quarter, on sales growth of 12% in local currencies

The H&M clothing store is seen in Times Square in Manhattan, New York (Photo: Reuters)
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The H&M clothing store is seen in Times Square in Manhattan, New York (Photo: Reuters)

Reuters Stockholm
Budget fashion group H&M expects to raise prices further this year, it said on Wednesday after reporting forecast-beating profits with margins benefiting from fewer discounts.
 
H&M in the first half of the year raised prices in the face of higher transport and raw material costs, and Chief Executive Officer Helena Helmersson told Reuters prices would likely rise also throughout the rest of the year. Hikes would vary between markets depending on the competitive situation, she said.
 
"Although most of the restrictions associated with the Covid-19 pandemic essentially seem to be over, many challenges remain. Disruption and delays still exist in

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First Published: Jun 29 2022 | 7:57 PM IST

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