Companies
H&M, Asos gain as retailers show signs of better days to come
Both retailers surged 6.9 and 16 per cent respectively after returning to profit
Hennes & Mauritz AB and Asos Plc shares rallied after the clothing retailers reported signs of improving prospects.
H&M gained as much as 6.9 per cent after second-quarter revenue exceeded pre-pandemic levels and the Swedish clothing chain said June got off to a good start.
Asos surged as much as 16 per cent after returning to profit. The UK e-commerce retailer forecast as much as £60 million of adjusted operating income in the second half as it cuts inventory and boosts its underperforming brands and markets.