H&M profits rise as new chief executive appointed

H&M's new store at Westfield

Fashion giant H&M has reported a rise in full-year profits and veteran chair Stefan Persson is to stand down after two decades in the role.

H&M posted profit after financial items up 11% to SEK17.39bn on net sales that were also ahead 11% to SEK232.76bn.

H&M also reported that fourth-quarter sales in the UK rose 3%.

Stefan Persson will be succeed as chair by Karl-Johan Persson, who in turn will hand over the reins to Helena Helmersson as chief executive.

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