H&M shares jump 10% on third-quarter sales beat as turnaround takes pace

Shares of H&M jumped on Thursday after the high street retailer posted better-than-expected results in the fiscal third quarter, and its turnaround strategy showed signs of gaining pace.

Shares were up 10% by 8:48 a.m. London time (3:20 a.m. ET).

Operating profit at the fashion retailer rose 40% year-on-year to 4.9 billion Swedish krona ($522 million), ahead of the 3.7 billion Swedish krona forecast by analysts in an LSEG poll.

Net sales over the period, meanwhile, came in at 57 billion Swedish krona in the three months to August, versus the 56.8 billion expected.

This is a developing story. Please check back for updates.