H&M’s turnaround measures should help revive growth but come at a cost.
We are maintaining our fair value estimate of SEK 140 per share for no-moat Hennes & Mauritz, as the company reported improvement in third-quarter sales. The group delivered 4% growth at constant currencies, versus flat development in the first half of the fiscal year and 0%-1% growth we forecast for the full year. We expect to adjust our current-year forecasts slightly upwards to reflect sales improvement occurring a bit earlier than expected, which could increase our fair value estimate by...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.
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