Swedish retailer Hennes and Mauritz (H&M) reported a net profit of 704 million Swedish kronor (approximately 65 million euros) for the first fiscal quarter (December-February), a 22% year-on-year increase, the company announced on Thursday, March 26. Net sales reached 49.607 billion Swedish kronor (approximately 4.59 billion euros), a 1% decrease in local currency. Operating profit (EBIT) was 1.512 billion (approximately 140 million euros), a 26% increase compared to the same period last year. Inventory decreased by 16% to 34.608 billion kronor (approximately 3.202 billion euros). H&M stated that good cost control and improved gross margins helped strengthen profitability in a quarter marked by cautious consumer spending and significant currency fluctuations. The main competitor to the Spanish retail group Inditex had 4,050 stores open at the end of February, including 25 in Portugal, a 4% decrease from the previous year. H&M profits rose 4% to 1.1 billion in the 2025 fiscal year.