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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&M's top executive unexpectedly stepped down Wednesday and the company's 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 world's 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
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