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- Swedish clothing giant Hennes & Mauritz AB HNNMY reported a 10% year-on-year increase in fourth-quarter FY22 sales to SEK 62.4 billion.
- The results were impacted by a one-time cost of SEK 836 million for the cost and efficiency program. Gross profit amounted to SEK 31.01 billion with a gross margin of 49.7%.
- Operating profit amounted to SEK 821 million and the operating margin was 1.3%. The company attributed the lower profit in the fourth quarter to negative external factors, loss of the operating profit previously contributed by Russia, and the one-time cost of the cost and efficiency program.
- The board of directors is proposing an ordinary dividend of SEK 6.50 per share to the annual general meeting to be paid in two installments.
- For FY2022, the company saw a 12% rise in sales to SEK 223 billion. Operating profit was SEK 7.2 billion with a margin of 3.2%.
- "Our decision to wind down the business in Russia, which was an important and profitable market, has had a significant negative impact on our results," said CEO Helena Helmersson.
- "The hikes in raw materials and freight costs combined with a historically strong US dollar resulted in extensive cost increases for purchases of goods."
- H&M group's sales increased by 5% in local currencies in the period Dec 1, 2022 – Jan 25, 2023.
- Price Action: HNNMY shares closed higher by 2.61% at $2.52 on Thursday.
- Photo Via Company
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