logo
  

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.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. plans to start using American-made processors from the new advanced chip factory in Phoenix, Arizona operated by chip giant Taiwan Semiconductor Manufacturing Co., according to its Chief Executive Officer Tim Cook. At an event in the factory in Arizona, which was attended by U.S. President Joe Biden, it was also announced that TSMC will invest $40 billion in the new factory. Lidl US has recalled its 8.4 oz Favorina branded Advent Calendar, i.e., Premium Chocolate with a Creamy Filling, citing potential Salmonella contamination, the U.S. Food and Drug Administration said. The products were available for sale at Lidl stores between October 12, 2022 and December 5, 2022. They will have a BEST IF USED BY year of 2023, and barcode number of 4056489516965. Vaccine partners Pfizer Inc. and BioNTech SE are seeking emergency use authorization or EUA from the U.S. Food and Drug Administration to offer their bivalent COVID-19 vaccine to children 6 months through 4 years of age. If authorized, the vaccine would be part of a primary series for children in this age group.
Follow RTT