H&M posts big quarterly drop in profit after Russia exit

H&M posts big quarterly drop in profit after Russia exit

2 months ago

STOCKHOLM: Swedish fashion retailer H&M reported on Thursday a sizeable drop in third-quarter profit following its decision to leave the Russian market.

The world’s No 2 clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor (US$47 million) in the third quarter, down 89% from the same period last year.

Read the full story

It's better on the Lumi News app

✅ It’s fast

✅ It’s easy to use

✅ It’s free

Start using Lumi

You might like ⬇️
Hong Kong Airlines’ US$6.2 billion debt revamp approved by creditors, hearings in Hong Kong and London courts
South China Morning Post

South China Morning Post

Hong Kong Airlines’ US$6.2 billion debt revamp approved by creditors, hearings in Hong Kong and London courts

34 minutes ago

Bitcoin sinks further 70% in StanChart’s list of possible 2023 upsets
FMT News

FMT News

Bitcoin sinks further 70% in StanChart’s list of possible 2023 upsets

37 minutes ago

Grab case: apex court throws out MyCC’s bid to appeal against CoA decision
The Vibes

The Vibes

Grab case: apex court throws out MyCC’s bid to appeal against CoA decision

38 minutes ago

Trending right now

Loading...
lumi screenshot

Switch to Malaysia’s #1 news app 🔥

News from 50+ trusted media

🔔

Get notifications for breaking news

Available in ENG, BM, and Chinese

Read More