Retailer H&M suffered almost 10 billion rubles of losses in Russia
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At the end of 2022, the Russian legal entity H&M recorded a net loss of 9.7 billion rubles, according to the company’s financial statements. A year earlier, it made a profit of 9.4 billion rubles. Its revenue for the year also fell from 71.6 billion to 29.2 billion rubles.
The first H&M store in Russia was opened in 2007 in the Metropolis shopping center; over 15 years, the company has created a network of 185 outlets in the country. In March 2022, the Swedish retailer suspended its activities in the Russian Federation, and in June last year announced its withdrawal from the market. Until the end of November, H&M sold out its inventory, after which it closed all stores. The network estimated the cost of winding up business in Russia at about 2 billion Swedish kronor, which is about 11 billion rubles.
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