H&M August Retail Sales Stumble but Are Roughly In Line With Our Expectations; Shares Fairly Valued
Narrow-moat H&M reported that third-quarter sales including value-added tax grew 8% in local currencies and 6% in Swedish krona, with sales in the second half of August weakening on exceptionally warm weather. Although this is below our long-run low-double-digit average annual sales growth expectation, our model already incorporated expectations for demand and foreign exchange rate headwinds, with 7% sales including VAT growth expected for the quarter. As such, we are not changing our SEK 26...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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