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H&M told how much it cost to close stores in Russia

Material author:

H&M explained that the stoppage of sales in Ukraine, Russia, Belarus for the second quarter of 2022 cost the company 228 million crowns. At the current exchange rate, the amount of losses is approximately 1.2 billion rubles. Prior to the start of the pandemic, H&M Group’s revenue from these countries accounted for 10% of total profits. Sales in Ukraine have been stopped since February 24, in Russia and Belarus – since March 2. A total of 181 stores are currently closed.

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