Earnings

H&M shares tumble 13% after weaker sales and surprise CEO exit

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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…



Source cnbc.com

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