Narrow-Moat Hennes & Mauritz Lays Out a Plan to Reaccelerate Growth; Shares Fairly Valued
Overall, we were encouraged to see Hennes & Mauritz focus its attention and investments on three growth opportunities: digital, new business, and profitability within the core H&M brand. That said, we agree with management’s assessment that such initiatives will take time to take hold, and our current 2018 forecast (calling for 5% growth from new stores and a 4% comparable sales decline) was roughly in line with management guidance (4% sales contribution from new stores and negative comp...
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