HM-B.ST · Consumer
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H&M's margins surged to 12% in Q2 FY2026 as its profitability turnaround took hold, but sales stayed flat, operating profit missed estimates, and the stock dipped. Squeezed between Shein and Zara.
H&M beat profit forecasts for Q1 2026, with margins improving for the third straight quarter. But sales fell and the stock dropped. Here's what's actually going on.