H&M profits jump to pre-crisis levels

Profits have jumped above pre-crisis levels at H&M.

Between June and August the world's second largest clothing retailer also zoomed past analyst expectations.

Pretax profit for the period jumped 158% on the year, and was more than a fifth above the same period in 2019.

Boss Helena Helmersson said the gains were driven by more full-price sales and good cost control.

But there were signs of fresh trouble in September, with supply chain disruptions hitting sales.

The global health crisis has led to a shortage of containers, storage and truck drivers.

That's all helped fuel a spike in shipping costs.

Though H&M says a beneficial dollar exchange rate helped it offset some of those costs.

Around 50 of the chain's 5,000 stores remain closed due to lockdowns.

That's down from 180 at the start of June.

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