Page 4 - Daniel Erver News Today

CEO Helena Helmersson gives up on H&M after another disappointing year, even though net profit doubled and sales grew.

H&M surprised investors on Wednesday with a new CEO, Daniel Erver, taking the role with immediate effect as the Swedish fashion retailer struggles to boost sales in a fiercely competitive market. Outgoing CEO Helena Helmersson said she had decided to step down and leave H&M, saying the role has been very personally demanding. The world's second-biggest listed fashion retailer after Inditex, H&M is aiming to reach an operating margin of 10% this year and has focused on profitabil...

By Andrea Figueras Shares in H&M Hennes & Mauritz dropped after the company posted an operating profit for its fiscal fourth quarter that missed...

By Andrea Figueras H&M Hennes & Mauritz said Chief Executive Helena Helmersson was stepping down after four years in the top job and will be replaced by...

Under Helmersson’s tenure, H&M lost a fifth of its market value as it grappled with the pandemic, stubbornly high inventory levels that only recently began to moderate.

H&M chief executive Helena Helmersson announced Wednesday she was stepping down, sending shares in the fashion retailer tumbling as the Swedish company reported lower-than-expected profits in the fourth quarter.But in the fourth quarter, the fashion giant reported a four percent drop in net sales in local currencies.

H&Ms top executive unexpectedly stepped down Wednesday and the companys stock plunged as the fashion giant reported a drop in sales over the holiday shopping season.

The leadership change came as H&M said sales for December and January fell by 4% compared to the previous year, a bad sign for the key Christmas shopping period. The worlds second-biggest listed fashion retailer after Inditex, H&M has struggled to compete with Zara and low-priced fast fashion giant Shein, both of which have seen strong sales growth.

Breakfast Briefing: 5 things for PR pros to know on Wednesday morning. From PR Week

Hennes & Mauritz AB appointed Daniel Erver as chief executive officer, jarring investors with a surprise move after the Swedish fast-fashion group struggled…