H&M is set to close hundreds of stores.
Not because it’s doing terribly badly though.
On Thursday (October 1) the world’s number-two fashion retailer said third quarter profits were better than expected.
They fell less than it had forecast, to just over 265 million dollars.
But the Swedish firm say it’s accelerating a shift to online selling.
That will see it close a net 250 stores next year.
Or about 5% of its current network.
Earlier this year, H&M saw sales halve and posted a steep loss - its first in decades.
But the chain has bounced back from this year’s troubles.
All but 3% of its stores are now open again.
And sales in September were only down 5% on last year’s levels.
Cost-cutting efforts have also paid off.
Now Chief Executive Helena Helmersson says the worst is over for the company.
And investors seem to like what they hear.
H&M shares rose over 8% in early trade Thursday.