H&M Reports Jump in Profit as Shoppers Rush Back to Stores

Hennes & Mauritz AB (H&M) reported second-quarter earnings that beat analysts’ estimates as shoppers snapped up its low-cost clothing to replenish post-Covid wardrobes.

Pretax profit at the Swedish low-cost retailer rose by a third to 4.78 billion kronor ($470 million) in the three months through May, the company said Wednesday. Analysts had expected 3.98 billion kronor. Still, H&M said sales could fall 6 percent in June as the war in…