H&M shares jump 17% as summer collection boosts profit

Fashion retailer H&M’s shares jumped 17% on Thursday after its second-quarter profit beat estimates as cost-cutting measures started to bear fruit and its summer collection benefited from warmer weather in Europe.

H&M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands, targeting shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes. Read more at CNBC.