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H&M reveals 240 store closures in ‘established markets’
H&M has announced 240 global store closures after posting a slowdown in sales after suspending activities in Russia.
The Swedish retailer has said it will open some 95 new stores and shut around 240 stores this year, with a net decrease of 145 spaces.
Closures will “mainly be in established markets,” the fashion company said, with openings in “growth markets.”
Quarterly profits were quite a bit below previous expectations for the three months to February, after the firm paused all sales in Russia, Belarus and Ukraine.
Some 185 stores in Russia were shut after the country invaded Ukraine, as well as online sales to Russia.
The retailer said Russia was its sixth largest market, representing some four per cent of sales.