Swedish clothing giant H&M on Friday announced a 68% drop in net profit in its 2022 financial year, due to its withdrawal from Russia and a combination of adverse factors, with an unexpected loss in the last quarter.
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During its slightly delayed financial year (December 2021-November 2022), the world number 2 in the sector suffered both from its withdrawal from Russia, from the rise in raw materials and freight prices, from a high dollar, and of its choice not to pass on all the increases to the consumer to defend its market share, explains its manager Helena Helmersson in the group's financial report.
The fourth quarter was marked by a net loss of 864 million crowns (77 million euros).