The company had reported a net profit of 3.29bn kronor ($305m).
H&M stays in the black
The company's profit more than doubled in the first quarter.
Russia exit, soaring costs hit H&M
The company reported a big drop in profits in 2022.H&M plans revamp, to cut 1,500 jobs worldwide as it leaves Russia
Swedish fashion retailer H&M said Wednesday it would cut some 1,500 jobs worldwide as a result of a cost-cutting programme launched following its decision to leave the Russian market. "The programme relates to administrative and overhead costs, and also entails reducing the workforce by around 1,500 positions," the company said...H&M posts big quarterly drop in profit after Russia exit
The world's number two clothing group is among a slew of Western companies that have exited Russia following Moscow's invasion of Ukraine. H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for "a limited period...H&M to wind down operations in Russia to protest Ukraine invasion
H&M, which has operated in Russia since 2009, said it would reopen stores in Russia "for a limited period of time to sell remaining inventory" as part of the exit process.
