H&M's Net Profit in 2021-2022 Falls Threefold to Nearly $350Mln

12:59 GMT, 27 January 2023

MOSCOW (Sputnik) - The net profit of Swedish clothing retailer Hennes & Mauritz (H&M) dropped to 3.5 billion Swedish kronor ($346 million) for fiscal 2021-2022 from 11 billion Swedish kronor a year earlier following its withdrawal from Russian market, the company said in the yearly and quarterly financial report on Friday.

Sputnik

The company's revenue rose 12.4% to 223.553 billion Swedish kronor, according to the report.

H&M posted a net loss of 864 million Swedish kronor for the fourth quarter of the fiscal year, compared with a profit of 4.6 billion Swedish kronor a year earlier.

Economy

Swedish Fashion Giant H&M to Cut Costs as Profits Drop 89% After Cavalier Russia Exit

29 September 2022, 07:34 GMT

On a per-share basis, the loss was 0.53 Swedish kronor, compared with a profit of 2.79 Swedish kronor a year earlier.

H&M Group, founded in 1947 in Sweden, in addition to the H&M clothing retailer, also develops such brands as COS, Monki, and Weekday, among others. The company's network has about 4,600 stores in 77 markets worldwide. The company was one of many global brands to close its stores in Russia and Belarus after the start of the Russian special military operation in Ukraine in February 2022.