People passing a large scale sign for the high street clothes and clothing brand H&M outside their flagship store on the corner of Oxford Street and Regent Street. on 30th March 2023 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
Shares of Swedish retailer H&M were down more than 13% at 2 p.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive.
H&M sales were 1% lower for the full financial year in local currencies, and 4% lower year-on-year across December 2023 and January 2024.
The company has struggled to maintain sales growth in recent years amid increasing competition, both from high street rivals such…