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.
Chief Executive Helena Helmersson said: “Rather than passing on the full cost to our customers, we chose to strengthen our market position further.”
Helmersson, speaking at a news conference on Friday, said the group would keep raising prices in some categories to a varying extent in different markets to partially make up for continued high costs….