H&M profit beats forecast, sees 'good' start to summer

H&M, the world's second-biggest fashion retailer, reported a decline in operating profit for the March-May period on Thursday but still beat expectations and said the third quarter was off to a good start.

Operating profit in the Swedish group's fiscal second quarter was 4.74 billion Swedish crowns ($438.55 million) down from 4.98 billion a year earlier but ahead of a mean forecast of 4.07 billion in a Refinitiv poll of analysts. H&M, which has

lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brand Cos,

targeting shoppers less vulnerable to a rising cost of living as fast-fashion giant Shein takes market share with cheap clothes. ($1 = 10.8084 Swedish crowns)