Fashion Retailer H&M’s Profits Tumble as Costs Bite

Fashion Retailer H&M’s Profits Tumble as Costs Bite
The H&M clothing store is seen in Times Square in Manhattan, N.Y., on Nov. 15, 2019. Mike Segar/Reuters
|Updated:

STOCKHOLM—Fashion retailer H&M’s profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers.

The world’s second-biggest fashion chain, which raised some prices, will continue with this pricing strategy even though it will not fully compensate for the higher costs, such as for energy, transport, and raw materials.