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Stockholm (AFP) – Swedish textile giant H&M announced a 68% drop in net profit in its 2022 financial year on Friday, due to its withdrawal from Russia and several unfavorable factors that led to losses in the last quarter.
In its annual exercise (from December 2021 to November 2022), the world number 2 in the sector recorded losses as a result of its departure from Russia, the rise in raw materials and freight prices, and a high dollar.
Also because it decided that all these increases would not be passed on to the consumer to defend its share of the market, explained its executive director, Helena Helmersson, in the group’s financial report.
In the fourth quarter, the fashion giant posted a net loss of 864 million crowns (84 million dollars), totally unexpected figures for analysts, who had expected positive profits, according to the Bloomberg and Factset agencies.
© 2023 AFP
