H&M CEO out amid limp results, increased competition [Seeking Alpha]
INDUSTRIA DSNO UNSP/ADR (IDEXY)
NASDAQ:AMEX Investor Relations:
inditex.com/investors/investor-relations/share-capital
Company Research
Source: Seeking Alpha
Daniel Ervér — an 18-year veteran of the group — took over from Helena Helmersson after a four-year stint as CEO and nearly three decades with the company. The retailer has seen revenue fall or stagnate over the past several quarters amid increasing competition from Industria De Diseno Textil Inditex ( OTCPK:IDEXY ) and China's Shein and PDD Holdings's ( NASDAQ: PDD ) Temu. Shares of H&M are down nearly 19% this year. Sales at the fast-fashion purveyor dropped 4% in local currencies for December and January, peak holiday season, compared to a year earlier, the company said on Wednesday. For the fourth quarter ended November 30, the Swedish group reported net sales of 62.65B krona ($6B), which was an increase of 3% excluding Russia and Belarus. Operating profit for the full year totaled 14.5B krona, more than twice the previous year's total. “For many consumers the year was marked by lower purchasing power because of high inflation and high interest rates,” Helmersson said in
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