STOCKHOLM (AP) — Low-cost style model H&M mentioned Friday that the closure of its enterprise in Russia and Belarus had a major damaging impression on its outcomes, whereas will increase within the prices of uncooked supplies and freight and the power of the US greenback made purchases costlier. .
The Sweden-based group mentioned its web revenue for the 12 months ended November 30 fell 68%, whereas it reported a lack of 864 million Swedish kronor ($84 million) on…
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STOCKHOLM (AP) — Low-cost style model H&M mentioned Friday that the closure of its enterprise in Russia and Belarus had a major damaging impression on its outcomes, whereas will increase within the prices of uncooked supplies and freight and the power of the US greenback made purchases costlier. .
The Sweden-based group mentioned its web revenue for the 12 months ended November 30 fell 68%, whereas it reported a lack of 864 million Swedish kronor ($84 million) within the fourth quarter.
Nevertheless, whereas 2022 was “a turbulent 12 months,” within the phrases of CEO Helena Helmersson, the corporate famous that general full-year gross sales have been up 6%.
“Having left the worst of the damaging results of the pandemic behind, conflict broke out in Ukraine,” Helmersson mentioned in a press release. “Our determination to liquidate the enterprise in Russia, which was an vital and worthwhile market, has had a major damaging impression on our outcomes.”
After Russia’s offensive in Ukraine started on February 28, H&M Group first halted all gross sales in Russia, and on July 18, the corporate introduced that it could shut enterprise within the nation.
H&M mentioned outcomes have been affected by one-time prices to finish Russian operations and a cost-efficiency program. In November, the low-cost style model mentioned it was slicing its international workforce by round 1,500 positions as a part of a plan to chop prices and additional enhance effectivity.
H&M was based in Sweden in 1947. Along with the clothes retailer, the group has manufacturers corresponding to COS, Monki, Weekday, Low-cost Monday, & Different Tales, H&M Dwelling, ARKET, and Afound. It has about four,664 shops in 77 markets and has 57 on-line markets.
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