H&M Announces 3Q Sales Progress; Shares Fairly Valued
Narrow-moat H&M announced that third-quarter sales increased 5%, with a significant rise in summer promotional levels (in units as well as discount per piece) damping revenue growth. The number of stores increased 10% year over year to 4,553 as of Aug. 31. As this was in line with our expectations calling for roughly 5% local currency revenue growth in fiscal 2017, we see little change to our SEK 218 fair value estimate at this time. We will await the full earnings report, expected Sept. 28,...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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