H&M Group’s financial condition improved in the fourth quarter after weak Swedish krona, but remained flat in local currencies. writes about it www.
Sales during the reporting period amounted to Swedish crowns 62.45 billion, or $6.13 billion. Sales data were released after the Swedish company announced on November 30 that it plans to cut 1.5 thousand jobs as part of its cost-cutting program. The downsizing is expected to save approximately $189.8 million annually.
In the fourth quarter, 25 to 50 stores were temporarily closed in China due to the pandemic. On November 30, H&M closed its last stores in Russia.
The full-year financial report will be released on January 27, 2023. Besides the H&M brand, the company also operates the brands Arket, Cheap Monday, Cos, Other Stories, Monki and Weekday.
Formerly socialbites.ca reportedHe said that the Gucci brand was condemned for referring to the USSR in their New Year’s advertisements.