May 26, 2016 / 4:41 AM / 17 days ago

H&M's CEO steps down, Q4 profit beats forecast

STOCKHOLM, Jan 30 (Reuters) - Sweden’s H&M, the world’s second-biggest fashion retailer, said on Thursday its chief executive - one of its founding family members - would step down to become new chairman, replacing his father.

H&M veteran Helena Helmersson will succeed Karl-Johan Persson as CEO, the company said in a statement.

H&M reported a rise in fiscal fourth-quarter pretax profit that beat market expectations. Profit in the September through November period was 5.40 billion crowns ($568.6 million), up from a year-ago 4.35 billion. Analysts had on average forecast a profit of 4.78 billion crowns, according to Refinitiv data.

It proposed an unchanged dividend.

$1 = 9.4970 Swedish crowns Reporting by Anna Ringstrom; editing by Niklas Pollard

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