Bryan Garnier - HENNES AND MAURI-B (HM-B) ... H M: Q1 results show resilience despite a significant drag from lockdowns | BUY | SEK195(-4%)

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Bryan Garnier

Cedric Rossi

H & M: Q1 results show resilience despite a significant drag from lockdowns | BUY | SEK195(-4%)

H & M - BUY | SEK195(-4%)
Q1 results show resilience despite a significant drag from lockdowns

A tight opex control helped mitigate the EBIT loss in Q1
Q1 sales beat expectations by c.2%
Inventory levels continue to increase this quarter
Reassuring current trading: sales up 55% FX-n in March

31/03/2021 4 EN

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HENNES AND MAURI-B

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HM Hennes and Mauritz AB

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Provider

Bryan Garnier

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.

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Analysts

Cedric Rossi

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H & M: Q1 results show resilience despite a significant drag from lockdowns | BUY | SEK195(-4%)

Luxury & Fashion: Sales growth or margin protection? H&M seems to have chosen the former

LUXURY & FASHION Fashion: Inditex better suited to navigate through turbulent times

H & M: Q2 sales topped CS expectations by 2% | NEUTRAL | SEK190

Ebusco: The expert e-bus platform

Nikola Corp: The dual e-trucking arm

Electrifying the future of on-road HDVs

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