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H&M announces the reopening of most of its stores in Ukraine in three months

Date: October 2, 2023 Time: 07:36:45

The Swedish textile chain H&M has announced this Thursday its intention to reopen most of the stores it has in Ukraine. The establishments were closed in February of last year due to the beginning of the Russian invasion. “The company has maintained a close dialogue with its partners and with the authorities and is now planning to gradually open most of its stores in the country from November 2023,” the distribution firm’s main competitor said in a statement. . Spanish Inditex.

The reopening will be done “where possible”, explained H&M, which stressed that the safety of its employees and customers is its “first and most important priority”. “The H&M group is in contact with local officials to see what is the best way to support the country and local communities in reconstruction. uda and reconstruction,” the statement stated. The Swedish firm had eight stores open in Ukraine at the end of 2021.

It sold 8.5% more until June

The company obtained a net attributable profit of 3,837 million crowns, which means about 326 million euros in exchange, which represents a decrease of 1.6% compared to the result recorded in the same period of the previous year. “The result of the first semester was negatively affected by the high costs of raw materials and freight, a strong US dollar, higher energy costs and the effects of the liquidation of operations in Russia,” explained the company Las H&M’s sales in the semester totaled 112,488 million crowns, some 9,558 million euros, 8.5% above the revenue recorded a year earlier.

Specifically, the turnover of the Scandinavian chain in the Nordic countries totaled 10,145 million crowns (862 million euros), 7% more, while in Western Europe it increased by 11%, up to 37,142 million crowns (3,156 million euros). ). ) and 10% in Southern Europe, with 14,517 million crowns (1,233 million euros).

For its part, in America the Swedish company reached a turnover of 26,373 million crowns (2,241 million euros) in the semester, 12% more, while in Asia, Oceania and Africa sales totaled 15,524 million crowns (1, 3 19). million euros), 6% more. By contrast, in Eastern Europe, H&M’s net sales reached 8,787 million crowns (747 million euros), 6% below the revenue posted a year earlier.

For its part, between the months of March and May, the second fiscal quarter for H&M, the multinational obtained an attributable net profit of 3,296 million crowns, 280 million euros, 10.5% less than a year earlier, while the Sales of the textile firm increased by 5.7%, up to 57,616 million crowns (4,895 million euros). At the end of the semester, the Swedish chain had

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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