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.
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