H&M : Cost inflation leads to underperforming results but the trading update provides a glimmer of hope
>Lower results even when adjusted for a Russian one-off, with the trading update the only positive note - H&M’s Q3 2022 results were below our estimates: gross profit SEK 28,160m, i.e. SEK 1,327m or 4.5% below, EBITDA SEK 7,088m, i.e. SEK 2,146m or 23% below and EBIT SEK 902m, i.e. SEK 3,280m or 78% below. There was a SEK 2.1bn one-off impact related to the winding down of the Russian operations without which the underperformance would have been less marked, 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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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