H&M blames closure of Russian business for 'significantly' affecting sales and profits


H&M has blamed the pause and eventual winding-down of its Russian business for a significant drop in revenues and profits.

For the third quarter ending August 31, fashion giant H&M reported a one-time cost of SEK 2,104m related to the winding-down of its Russian operations.

However, the fashion giant was also not immune to wider macro-economic headwinds, including surging prices for raw materials and a strengthening US dollar driving up buying costs. 

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