Swedish retailer H&M sees drop in post-tax second quarter results

Swedish fashion retailer H&M's second-quarter result after tax has dropped to 3.29 billion Swedish kronor ($304 million) compared to 3.68 billion kronor last year, the company reported on Thursday.
Earnings per share were 2.02 kronor compared to 2.22 kronor while net sales increased by 6% to 57.62 billion Swedish kronor. In local currencies, net sales were "flattish" with last year, the company said in a press release.
H&M's first-half result after tax declined to 3.83 billion Swedish kronor compared to 3.90 billion kronor last year, with earnings per share at 2.35 kronor compared to 2.36 kronor.
Net sales in Swedish kronor increased by 9% in the first half-year to 112.49 billion kronor. In local currencies, net sales increased by 1%.
Sales during the period June 1 - June 27, 2023, increased by 10% in local currencies from last year, the retailer said.
The company noted that its 2023 annual general meeting authorized the board to start a share buyback programme for a maximum amount of 3 billion Swedish kronor in the period up to the 2024 annual general meeting.