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Klädjätten H&M's profit higher than expected – the share soars on stock market

Analysts had on average expected a profit of 679 million, according to Reuters compilation. Turnover amounted to 51.015 million, compared with 46.181 million

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Klädjätten H&M's profit higher than expected – the share soars on stock market

Analysts had on average expected a profit of 679 million, according to Reuters compilation.

Turnover amounted to 51.015 million, compared with 46.181 million a year earlier.

”Our ongoing change process has contributed to stronger collections, with increased full-price sales, lower price reductions and increased market share,” writes ceo Karl-Johan Persson in a comment.

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5 percent during the quarter and amounted to 39 968 million, compared with 34 959 million in the previous year.

Despite the shift to e-commerce, the group plans to open 335 new stores in 2019. At the same time, closed 160 stores, which gives a net addition of 175 stores.

the leading e-commerce platforms Myntra and Jabong in 2019, said the company in its interim report.

Klädkedjans report was received positively on the stock exchange. The company's share price rose by over 13 per cent in the initial trade.

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