H&M has blamed its plummeting profits on “negative external factors” including one-time costs as a result of winding down trading in Russia, Belarus and Ukraine, as well as its cost and efficiency programme.
For the three months to November 30, 2022, H&M reported an operating profit of SEK 821m (£64.4m), down year on year for the quarter.
The retailer also posted a gross profit of SEK 31bn (£2.43bn), resulting in a gross margin of 49.7% – down from 55.2% in the same period last year.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.