Healthy Q2 results give H&M stock shot in the arm

Shares in Hennes & Mauritz AB rose sharply yesterday after the Swedish fashion retailer reported a 14-percent rise in second-quarter net profit, boosted by a strong pickup in May sales and lower buying costs.

Europe's second-largest clothing retailer said net profit increased to 3.94 billion kronor $653 million) in the second quarter from 3.47 billion kronor a year earlier.

H&M shares rose 7.19 percent to 343.00 kronor ($56.87) in Stockholm trading.