H&M appoints new CEO, Q4 operating profit slightly lags expectations

H&M, the world's second-biggest fashion retailer, said on Wednesday it had appointed Daniel Erver new CEO and reported a September-November operating profit slightly below expectations.

Operating profit in the Swedish group's fiscal fourth quarter was 4.33 billion crowns ($415.4 million), up from 821 million a year earlier, against a mean forecast of 4.57 billion in an LSEG poll of analysts. H&M has

struggled with its price-sensitive customers going to budget-friendly newcomer SHEIN in addition to fierce competition from Zara owner Inditex.

($1 = 10.4234 Swedish crowns)