Bryan Garnier - HM (HMB) HM: margin upturn slow to materialise

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Bryan Garnier

Cedric Rossi

H&M: margin upturn slow to materialise

The change in CEO announced yesterday clearly took the spotlight over weaker-than-expected Q4 results. H&M is also experiencing a tougher start to Q1 relative to Inditex and Primark given the sales decline of 4% FX-n between 1st December and 28th January, as well as a markdown impact of 100bp e

01/02/2024 1 EN

Underlying

H&M

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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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Bryan Garnier

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Aurelien Deside

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H&M: margin upturn slow to materialise

On the shelves now: Consumer weekly #41

H&M: blurred margin trajectory due to brand's investments to fuel sales growth

H&M: encouraging start to Q4 after an uninspiring Q3

Cinclus: agreement with the FDA on the iPSP

BICO: divests Nanoscribe for EUR26m in line with BICO 2.0 Strategy

Exclusive Networks: expanding into the US with Cloudrise acquisition

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