Fashion

Discount fashion chain H&M reports Q4 loss

STOCKHOLM — Low-cost fashion brand H&M said on Friday that the shutdown of its operations in Russia and Belarus had a significant negative impact on its results, while rising raw material and freight costs and a strong U.S. dollar made purchases more expensive.

The Sweden-based group said its net profit for the year ending November 30 fell 68% as it reported a loss of 864 million Swedish krona ($84 million) in the fourth quarter.

However, although 2022 has been an eventful year, in the words of Chief Executive Helena Helmersson, the company noted that overall sales for the full year increased by 6%.

After leaving behind the worst negative effects of the pandemic, war broke out in Ukraine, Helmersson said in a statement. “Our decision to end the business in Russia, which was a large and profitable market, had a significant negative impact on our results.

After the start of the Russian offensive in Ukraine on February 28, H&M Group initially suspended all sales in Russia, and on July 18 the company announced that it was ending operations in the country.

H&M said results were impacted by one-time costs to end Russian operations and a cost and efficiency program. In November, the low-cost fashion brand announced it was cutting its global workforce by around 1,500 positions as part of a plan to cut costs and further improve efficiency.

H&M was founded in Sweden in 1947. Apart from the clothing retailer, the group owns brands such as COS, Monki, Weekday, Cheap Monday, & other stories, H&M Home, ARKET and Afound. It has approximately 4,664 stores in 77 markets and has 57 online markets.

Sources

1/ https://Google.com/

2/ https://abcnews.go.com/International/wireStory/low-cost-fashion-chain-hm-reports-4th-quarter-96711798

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