H&M profit outlook clouded by Russia closure

Russia was H&M's sixth-biggest market with 4% of sales in the fourth quarter of 2021

H&M recently said it would temporarily close its stores in Russia, expressing concerns about the 'tragic developments in Ukraine'.

H&M is seen swinging back to profit in its December-February quarter as pandemic effects ease, though the closure of its Russian stores and the economic fallout from war in Ukraine has made the company's outlook more uncertain.

Analysts expect the world's second-biggest fashion retailer to report a pre-tax profit of 1.04bn crowns (€101.5m) for its first quarter when it posts results on Wednesday.