H & M: Q3 sales topped expectations
H & M: (NEUTRAL, Fair Value SEK175 (+42%))Q3 sales topped expectations
For Q3 2018 (ending 31st Aug), sales excl. VAT came in at SEK55.8bn, above expectations (SEK54.1bn), representing FX-n sales growth of 4% (CS: +2.6%e). The sales momentum has slightly accelerated vs. H1 (flat) on top of hot temperatures across Europe this summer and logistic issues already mentioned in June. Ahead of Q3 results on 27th September, concerns remain on margins given promotional activity to clean excess inventory and that logistic issue.
H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.