H&M reports huge profit drop after Russia exit ...News

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H&M reports huge profit drop after Russia exit
source : Russia Today ( News ) () 19
The clothing giant announced plans to quit the country amid sanctions pressure back in July Swedish clothing multinational H&M has reported a pre-tax profit drop of almost 90% for June-August, citing a consumer spending slowdown and the winding down of its operations in Russia.  Pre-tax profit during that period totalled $60.9 million, down from $538 million in the same period a year ago, the group said in a statement on Thursday.  According to the retail giant, a one-time cost of $185 million related to H&M’s decision to wind down operations in Russia significantly impacted financial performance, accounting for h

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