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H&M Group Q3 Adj. Profit After Tax Declines

H&M group (HNNMY.PK,HMRZF.PK,HEN.L) said its third quarter results were largely impacted by the company's decision to pause sales and then wind down the business in Russia. Profit after tax excluding the one-time cost for Russia was 2.15 billion Swedish kronor compared to 4.69 billion Swedish kronor, prior year. Earnings per share was 1.30 kronor compared to 2.83 kronor, last year.

Third quarter reported profit after tax declined to 531 million Swedish kronor from 4.69 billion Swedish kronor, prior year. Earnings per share was 0.32 kronor compared to 2.83 kronor. A one-time cost of 2.10 billion Swedish kronor related to the winding down of the Russian operations has impacted the result for the quarter. Net sales increased by 3 percent to 57.45 billion Swedish kronor from 55.58 billion Swedish kronor. In local currencies, net sales decreased by 4 percent.

"The autumn collections have been well received and sales in September are up on the previous year, providing important proof that the H&M group is growing even when customers' purchasing power is decreasing," said Helena Helmersson, CEO.

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