H&M profits plummet due to departure from Russia and rising costs

H&M sign

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.

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