The Swedish fashion group H&M surprisingly gets a new boss. Daniel Erver, who has been with the company for 18 years, will take over the role from Helena Helmersson with immediate effect, the company announced on Wednesday. The outgoing boss is stepping down at her own request after four years at the helm and will be leaving the fashion retailer; the task was very demanding.
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Meanwhile, the first quarter is off to a slow start, with sales down 4 percent – a year earlier it was up 5 percent. In the fourth quarter, H&M fell slightly short of expectations. Although the operating profit jumped from 821 million crowns in the previous year to 4.33 billion Swedish crowns (383.3 million euros), analysts had expected more at 4.57 billion crowns. The operating profit margin increased from 1.3 to 6.9 percent in the final quarter.
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