Sweden's H&M reported on Friday a much larger than expected drop in September-November profit, hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags, sending its shares down 7% in early trade.
reported on Friday a much larger than expected drop in September-November profit, hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags, sending its shares down 7% in early trade.
"The lower profit in the fourth quarter when compared with the same quarter in the previous year is mainly explained by the negative external factors, loss of the operating profit previously contributed by Russia and the one-time cost of the cost and efficiency programme," it said in a statement. "Rather than passing on the full cost to our customers, we chose to strengthen our market position further," she said.by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023.it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme."Gross margins were weaker than expected," analysts at Credit Suisse said in a note to clients.
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