H&M CEO in shock departure

(Sharecast News) - H&M on Wednesday said its brand head Daniel Erver would be elevated to chief executive with immediate effect as the struggling Swedish fashion retailer looked for a way to boost sales.

Outgoing CEO Helena Helmersson announced her decision to leave the firm, saying the job had been "very demanding at times for me personally".

H&M's fourth-quarter operating profit margin fell to 7.2% from 7.8% in the previous three months. Operating profit of 4.33bn Swedish kronor, up from SEK 821m a year earlier but below the forecast SEK 4.57bn.

Sales from December 1 to January 29 at the start of its first quarter fell 4%, compared to an increase last year of 5%.

Reporting by Frank Prenesti for Sharecast.com