Low-cost fashion chain H&M reports 4th-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M says its net profit for the year ending November 2022 fell 68%, while it took a hit of 864 million Swedish kronor ($84 million) in the fourth quarter. It said it was affected by closing its business in Russia and the hikes in raw materials and freight costs, combined with a historically strong U.S. dollar. Chief Executive Helena Helmersson said Friday that although 2022 was “a turbulent year,” the Sweden-based company noted overall full-year sales increased by 6%. After Russia’s offensive in Ukraine in February, H&M Group first paused all sales in Russia and later announced that it was winding down the business in the country.