Fashion retailer H&M's profit shares tumbled following worse-than-expected results, hit by weak consumer confidence and soaring costs
profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers.
Chief Executive Helena Helmersson said: "Rather than passing on the full cost to our customers, we chose to strengthen our market position further." "It's a very dynamic pricing strategy," she told Reuters in an interview. "It will still be very challenging in the first quarter of 2023. And then of course we need to increase prices, but not to cover the whole."
The world's second-biggest fashion retailer reported a profit before tax for the period of 463 million Swedish crowns , against a year-earlier 6.0 billion. Analyst polled by Refinitiv had forecast a fall to 3.5 billion crowns.reported
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