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H&M says more store closures are on the way

Long queues form outside H&M in Moscow as clothing retailer shuts Russian stores

H&M reported stronger-than-expected profits following aggressive cost-cutting measures, including further store closures.
The Swedish clothing retailer confirmed the closure of 135 stores over the past nine months, with additional closures anticipated in the current quarter.
The majority of these closures were in Asia, Oceania, and Africa, as well as 21 locations in Western Europe, affecting H&M and Monki-branded stores.
Operating profits for the quarter ending August rose to 4.91 billion Swedish krona (£390 million), surpassing analyst predictions and reversing previous declines.
Despite the reduction in store numbers, sales increased by 2 per cent to 57 billion krona (£4.51 billion), though CEO Daniel Erver noted continued customer caution amid economic uncertainty.

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