STOCKHOLM–Sweden’s Hennes & Mauritz AB said Wednesday that it expects to book a restructuring charge of just over 800 million Swedish kronor ($75.6 million) in the fourth quarter related to its cost-cutting program. The fashion retailer
has previously outlined plans to reduce annual administrative and overhead costs by around SEK2 billion in a move that will see the loss of 1,500 jobs.
Cost savings are expected to become visible in the second half of 2023, it said. H&M’s fiscal fourth quarter runs from Sept. 1 to Nov. 30. Write to Dominic Chopping at firstname.lastname@example.org