Low-cost fashion brand H&M said Friday that shutting down its business in Russia and Belarus had a significant negative impact on its results, while increases in the costs of raw materials and freight and a strong U.S. dollar made purchases more expensive.
The Sweden-based group said its net profit for the year ending Nov. 30 fell 68% while it reported a loss of 864 million Swedish kronor ($84 million) in the fourth quarter.
