Narrow-moat H&M continues to lose market share as it tries to right its product.
Narrow-moat H&M’s provisional fourth-quarter sales report reinforced our concerns regarding a less responsive supply chain and overstorage, with fourth-quarter sales excluding VAT declining 4%. This resulted in full-year sales excluding VAT of SEK 199,987 million, below our SEK 205,797 million estimate. We expect to lower our SEK 203 fair value estimate by 6%-8%, as we think sales will continue to fall until the supply chain becomes more responsive and the store base is right-sized. Although...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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