H&M in the red after Russia exit, soaring costs

By Agence France-Presse

Jan 28, 2023 12:05 am

STOCKHOLM: H&M reported Friday a big drop in profits in 2022, with a surprise loss in the fourth quarter as the Swedish fashion retailer exited Russia and faced soaring production costs.

H&M was among a slew of foreign companies that shipped out of Russia last year after Moscow invaded Ukraine and Western nations imposed sweeping sanctions on the country.

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