Bryan Garnier - HM (HMB) HM: Q1 margin trajectory more appealing than sales trends

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Bryan Garnier

Cedric Rossi

H&M: Q1 margin trajectory more appealing than sales trends

Q1 2024 results unveiled yesterday by H&M showed impressive profit momentum, while March sales (+2% FX-n) improved sequentially vs. Q1 (-2% FX-n), albeit well below the pace of growth at Inditex. Although we increase our FY24 estimates by 5% following these stronger-than-expected Q1 profits, we

28/03/2024 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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H&M: Q1 margin trajectory more appealing than sales trends

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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