Salem Radio Network News Saturday, April 1, 2023


Low-cost fashion chain H&M reports 4th-quarter loss


( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

Low-cost fashion brand H&M says its net profit for the year ending November 2022 fell 68%, while it took a hit of 84 million dollars in the fourth quarter. Correspondent Jeremy House has more on the story.

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VERBATIM: H&M said it was affected by closing its business in Russia and the hikes in raw materials and freight costs, combined with a historically strong U.S. dollar. Chief Executive Helena Helmersson says that although 2022 was “a turbulent year,” the Sweden-based company noted overall full-year sales increased by 6%. After Russia’s offensive in Ukraine in February, H&M Group first paused all sales in Russia and later announced that it was winding down the business in the country.

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