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High Street

H&M profits hit by Russian exit

Its results were impacted by a one-time cost of SEK 2.1bn (£76.1m), related to the winding down of H&M's Russian operations, accounting for half of the decrease in profits

H&M has announced pre-tax profits of SEK 689m (£56.5m), down from SEK 6.09bn (£220m) a year prior, in the group’s fiscal third quarter from 1 December 2021 to 31 August 2022.

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