Trending: H&M Profit Plummets After Russia Exit
September 29 2022 - 7:11AM
Dow Jones News
1035 GMT - Sweden's H&M Hennes & Mauritz AB is among the
most mentioned European companies across news items over the past
12 hours, according to Factiva data, after posting a lower-than
expected third quarter profit. The fashion retailer on Thursday
said that net profit fell significantly in the quarter as a
one-time cost related to the winding down of its Russian operations
impacted the result. Net profit fell to 531 krona million ($46.8
million) from SEK4.69 billion in last year's third quarter and came
in below analysts expectations of SEK2.17 billion. Sales were
SEK57.45 billion compared with SEK55.59 billion a year earlier.
H&M said it had booked a one-time cost of SEK2.10 billion
related to the winding down of its Russian operations. "The third
quarter has largely been impacted by our decision to pause sales
and then wind down the business in Russia," Chief Executive Helena
Helmersson said. Dow Jones & Co. owns
Factiva.(maitane.sardon@wsj.com)
(END) Dow Jones Newswires
September 29, 2022 06:56 ET (10:56 GMT)
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