H&M June-August profits dives as Russia exit stings

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Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million Swedish crowns ($60.9 million) from a year-earlier 6.09 billion. Five analysts polled by Refinitiv on average forecast a 2.98 billion crowns profit.

A one-time cost of 2.1 billion crowns related to the winding down of H&M’s Russian operations impacted the result, the company said in a statement.

($1 = 11.3104 Swedish crowns)