H&M: restructuring charge in Q4

(CercleFinance.com) - H&M warned on Wednesday that it expects to book a restructuring charge of just over 800 million Swedish kronor (73.
5 million euros) in its Q4 accounts as part of the cost-cutting program that it has been implementing this year.

The Swedish clothing giant said that the extensive reorganisation plan, which will lead it to make about 1,500 redundancies, is expected to generate annual savings of around 2 billion Swedish kronor (183.7 million euros), starting at end-2023.

As of 31 December 2021, the Swedish group has around 155,000 employees.

All said, the H&M share was pretty flat (+0.4%) in Stockholm on Wednesday morning following this announcement.


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