SNB Holds Rates at Zero as H&M Beats Profit Estimates Despite Sales Miss

By / / Breaking News

Key Takeaways

  • The Swiss National Bank (SNB) is widely anticipated to maintain its main interest rate at zero today, signaling a continued accommodative monetary policy stance amid persistent weak inflation.
  • H&M (HM-B.ST) reported a stronger-than-expected Q3 2025 operating profit of SEK 4.91 billion, significantly surpassing analyst estimates of SEK 3.74 billion.
  • Despite the robust profit performance, the fashion retailer's Q3 sales of SEK 57.02 billion slightly missed expectations of SEK 57.12 billion.
  • H&M projects September sales to remain on par with the same month last year and anticipates increased tariff costs will negatively impact its gross margin in Q4.

The Swiss National Bank (SNB) is expected to hold its key interest rate at zero today, Thursday, September 25, 2025. This decision comes as annual inflation in Switzerland remains within the central bank's predetermined target range, necessitating a steady monetary policy approach. Economists widely predicted this unchanged stance, reflecting a cautious outlook on inflationary pressures. The SNB has previously cut rates to zero in response to falling inflation and a strong Swiss franc, with discussions around potential negative rates in earlier periods.

Meanwhile, fashion giant H&M (HM-B.ST) announced its Q3 2025 earnings, revealing a mixed financial performance. The company posted an operating profit of SEK 4.91 billion, comfortably beating the estimated SEK 3.74 billion. This indicates stronger operational efficiency or better cost management than anticipated by the market.

However, H&M's sales for the third quarter reached SEK 57.02 billion, slightly falling short of the SEK 57.12 billion consensus estimate. Looking ahead, the retailer expects its September sales to be flat compared to the same period last year, suggesting a challenging start to the final quarter. The company also warned that tariff costs are projected to have an increased impact on its gross margin in Q4, which could pressure profitability in the upcoming reporting period.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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