By Dominic Chopping


STOCKHOLM--Sweden's Hennes & Mauritz AB said Wednesday that it will cut around 1,500 jobs as part of its previously announced cost-saving plan.

The fashion retailer said in September that it was starting a program to reduce costs and further improve efficiency, with annual savings of 2 billion Swedish kronor ($189 million) targeted from the second half of 2023.

In a statement on Wednesday, H&M said the program relates to administrative and overhead costs and it will book a restructuring charge of just over SEK800 million in its fourth quarter, which runs from Sept. 1 to Nov. 30.

"The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this," Chief Executive Helena Helmersson said.


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(END) Dow Jones Newswires

November 30, 2022 04:00 ET (09:00 GMT)

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