About: http://data.cimple.eu/news-article/a71bd7330eefabc4fd4023ed70d1a8ea064bd0ce6f4b055ab01f6a1f

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rdf:type	schema:NewsArticle
schema:articleBody	Swedish clothing retail giant Hennes and Mauritz (H&M), hit hard by the impact of the Covid-19 pandemic, on Thursday reported better-than-expected third quarter results despite a halved net profit. Net profit for the period June to August came in at 1.8 billion Swedish kronor ($201 million, 172 million euros), compared to 3.9 billion kronor for the same period a year earlier. Revenue fell 18.7 percent to 51 billion kronor. Pre-tax profit came in at 2.4 billion kronor, an improvement over the 2.0 billion kronor reported in preliminary results published in mid-September. "Our recovery is going better than expected... With more full-price sales than expected and strict cost control, we returned to profit already in the third quarter," Helena Helmersson, CEO of H&M, said in a statement. Fashion retailers, especially fast-fashion brands like H&M, have been hit hard by the ongoing pandemic. In mid-April, the Scandinavian company temporarily closed around 80 percent of its stores worldwide. Currently, three percent, or 166 shops, remain shut. In its second quarter H&M posted a net loss of some five billion kronor, compared to a net profit of 4.6 billion a year earlier while revenue halved to 28.7 billion kronor. In 2021, H&M, which has around 5,000 shops worldwide, expects it will need to cut about 250. hdy/jll/bmm
schema:headline	H&M posts lower, but better than expected, profit
schema:mentions	Fast fashion H&M Sweden Chief executive officer Pandemic Coronavirus disease 2019 Helena Helmersson Swedish krona Net income JLL (company)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	51 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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