H&M : Good results on the back of outperformance from COGS
>Higher gross margin more than offsets in-line sales and higher opex… - H&M’s Q1 2024 results were ahead of our and consensus estimates (EBITDA 9.4% above consensus and 7.8% above our estimates) due to stronger tailwinds from COGS (5.8% lower than estimated) and despite in-line sales in the quarter (0.6% above consensus and 0.6% below our estimates). The better performance from COGS fed through to the rest of the P&L, obviously with a positive leverage effect, le...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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