H&M shares tumble 8% after weaker sales and surprise CEO exit

People passing a big scale signal for the excessive road garments and clothes model H&M outdoors their flagship retailer on the nook of Oxford Street and Regent Street. on thirtieth March 2023 in London, United Kingdom.

Mike Kemp | In Pictures | Getty Images

Shares of Swedish retailer H&M had been down 8% at 09:05 a.m. London time on Wednesday, after the corporate introduced weaker sales and the surprise departure of its chief govt.

H&M sales had been 1% decrease for 2023 in native currencies, and 4% decrease year-on-year within the fourth quarter.

In an surprising management shake-up, former CEO Helena Helmersson, who has been within the function for 4 years, shall be changed by Daniel Ervér.

In a press release, Helmersson stated she was stepping down with “blended emotions” and was happy with how the agency navigated the pandemic and geopolitical challenges.

“However, it has been very demanding at occasions for me personally,” she stated.

Ervér is presently the pinnacle of the H&M Brand and has been on the firm for 18 years.

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