H&M expects to post profit in Q3

In the third quarter 2020, for the period June 1, 2020 to August 31, 2020, the H&M group’s net sales decreased by 16 percent in local currencies compared with the corresponding period last year. Converted to SEK, the company said in a statement, net sales decreased by 19 percent to 50,870 million Swedish krona (5,807 million dollars). The company added that more full-price sales combined with strong cost control enabled the company to turn to profit in the third quarter as preliminary results show profit before tax of approximately 2 billion Swedish krona.