PARIS – H&M Group’s Russia exit and one-time costs caused the retailer’s profits to plunge within the three months to Nov. 30.
Within the fourth quarter of its most up-to-date fiscal 12 months, H&M’s operating profit totaled 821 million Swedish kronor, or $79.7 million, versus 6.26 billion kronor in the identical prior-year period, representing an 86.9 percent decrease.
“The lower profit within the fourth quarter compared with the identical quarter within the previous 12 months is principally explained by the negative external aspects, lack of the operating profit previously contributed by Russia and the one-time cost of the associated fee and efficiency program,” the Swedish fast-fashion retailer said on Friday.
The group in September unveiled a cost-cutting program through which it hoped...
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