The company's report for the first half of 2022 states that the "operating result" for the H&M group in the Russian and Ukrainian markets for the quarter was "minus 228 million Swedish kronor" (about 1.2 billion rubles at the current exchange rate).
Also, the group of companies has an unrealized foreign exchange gain in the amount of 353 million crowns "in relation to internal receivables in Russian rubles."
It is noted that in June sales are expected to decline by 5% against the backdrop of the suspension of stores in these countries.
Earlier, the Spanish clothing brand Mango decided to abandon direct sales in Russia amid the situation in Ukraine.
At the end of March, the Polish clothing manufacturer LPP Group announced the closure of its stores in Russia.