Low-cost fashion chain H&M reports 4th-quarter loss

Low-cost fashion chain H&M reports 4th-quarter loss

Low-cost fashion brand H&M; said Friday that shutting down its business in Russia and Belarus had a significant negative impact on its results, while increases in the costs of raw materials and freight and a strong U.S. dollar made purchases more expensive. The Sweden-based group said its net profit for the year ending Nov. 30 fell 68% while it reported a loss of 864 million Swedish kronor ($84 million) in the fourth quarter.However, although 20…

Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M said Friday that shutting down its business in Russia and Belarus had a significant negative impact on its results, while increases in the […]

Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M says its net profit for the year ending November 2022 fell 68%, while it took a hit of 864 million Swedish kronor ($84 million) in the fourth quarter. It said it was affected by closing its business in Russia and the hikes in raw materials and freight costs, combined with a historically strong U.S. dollar. Chief Executive Helena Helmersson said Friday that although 2022 was “a turbulent year,” the Swed…

Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M says its net profit for the year ending November 2022 fell 68%, while it took a hit of 864 million Swedish kronor ($84 million) in the fourth quarter. It said it was affected by closing its business in Russia and the hikes in raw materials and freight costs, combined with a historically strong U.S. dollar. Chief Executive Helena Helmersson said Friday that although 2022 was “a turbulent year,” the Swed…

Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M said Friday that shutting down its business in Russia and Belarus had a significant negative impact on its results, while increases in the costs of raw materials and freight and a strong U.S. dollar made purchases more expensive. The Sweden-based group said its net profit for the year ending Nov. 30 fell 68% while it reported a loss of 864 million Swedish kronor ($84 million) in the fourth quarter. Ho…

Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M said Friday that shutting down its business in Russia and Belarus had a significant negative impact on its results, while increases in the costs of raw materials and freight and a strong U.S. dollar made purchases more expensive. The Sweden-based group said its net profit for the year ending Nov. 30 fell 68% while it reported a loss of 864 million Swedish kronor ($84 million) in the fourth quarter. Ho…