{"id":1663409,"date":"2022-09-29T02:51:21","date_gmt":"2022-09-29T06:51:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1663409"},"modified":"2022-09-29T02:51:49","modified_gmt":"2022-09-29T06:51:49","slug":"hm-june-august-profits-dive-as-russia-exit-stings","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hm-june-august-profits-dive-as-russia-exit-stings\/","title":{"rendered":"H&#038;M June-August profits dive as Russia exit stings"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhm-june-august-profits-dive-as-russia-exit-stings%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1663409&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>STOCKHOLM (Reuters) -H&#038;M, the world\u2019s second-biggest fashion retailer, reported on Thursday a much smaller-than-expected June-August pretax profit amid cost inflation, slowing consumer spending and one-off expenses related to its exit from Russia.<\/p>\n<p>Pretax profit in the period, the Swedish group\u2019s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion. Five analysts polled by Refinitiv on average forecast a 2.98 billion crowns profit.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>A one-time cost of 2.1 billion crowns related to the winding down of H&#038;M\u2019s Russian operations impacted the result, accounting for half of the decrease in profits, the company said in a statement.<\/p>\n<p>H&#038;M announced in July it was winding down its business in Russia as a result of the country\u2019s invasion of Ukraine. <\/p>\n<p>In Europe, where H&#038;M has the bulk of business, a worsening security situation, record energy prices and high inflation are weighing on consumer confidence, and households are cutting back on shopping as they brace for tougher times.  <\/p>\n<p>H&#038;M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.<\/p>\n<p>It said autumn collections had been well received, with sales up 7% year-on-year in local currencies in the period Sept. 1\u201327.<\/p>\n<p>($1 = 11.3104 Swedish crowns)<\/p>\n<p> (Reporting by Marie Mannes in Gdansk, Anna Ringstrom in Stockholm, editing by Terje Solsvik)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/hm-june-august-profits-dive\/attachment\/hm-logo-is-seen-on-a-shop-in-riga\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8S094-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8S094-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>STOCKHOLM (Reuters) -H&#038;M, the world\u2019s second-biggest fashion retailer, reported on Thursday a much smaller-than-expected June-August pretax profit amid cost inflation, slowing consumer spending and one-off expenses related to its exit<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1663409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1663409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1663409"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1663409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1663409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1663409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1663409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}