From Dow Jones & Company:

H&M stock drops 10% as CEO steps down due to disappointing results. New CEO, Daniel Erver, to replace Helena Helmersson after 4 years. Profits came in at 1.58 billion kronor, missing consensus of 3.16 billion kronor. Sales also fell short at 62.65 billion kronor, below the expected 63.21 billion. Geopolitical challenges, inflation, high interest rates, and exit from Russia cited as reasons for disappointing performance. Unusually hot weather in key European markets also impacted sales in early Q4.



Read more: H&M shares slide as CEO exits, profit lags estimates