Copenhagen, Jan 31 (EFECOM).- The Swedish fashion chain Hennes and Mauritz (H&M) suffered a sharp drop in the stock market this Wednesday after presenting its annual results (December-November) and announcing the replacement of its CEO, Helena Helmersson. .
H&M shares fell 9.9% to 151.62 Swedish crowns (13.43 euros) on the Stockholm stock exchange at 10:55 a.m. local time (9:55 GMT).
The main competitor of the Spanish distribution firm Inditex presented a net profit of 8,723 million crowns (772 million euros) in its last fiscal year (December-November 2023), 144% more year-on-year but below expectations. the analysts.
The increase in profits, despite a slight decline in sales, is explained by the improvements introduced in the supply chain, its cost and efficiency program and the normalization of external factors that influence purchasing costs, H&M explained.
The balance of the previous period had been marked by the impact of the closure of operations in Russia and the high prices of raw materials.
At the same time that it presented its annual accounts, H&M announced the personal decision of Helmersson to relieve him after four years in office.
His position will be occupied by Daniel Ervér, until now responsible for the brand and who has been in the company for 18 years.
Helmersson highlighted in a statement that he had spent almost his entire professional career at H&M and that his time at the head of the company had been “very demanding” due to the coronavirus pandemic and various geopolitical and macroeconomic “challenges.” EFECOM