H&M : Good trend on costs to continue, revenue growth more uncertain
>Positive external factors on gross margin to remain the main driver for growth - We expect H&M to maintain in Q3 2023, and beyond, the positive trend on costs shown in the last two quarters, mainly in Q2 2023. Conversely, we are expecting the strong trading update provided for June, 10% y-o-y growth at constant FX, to moderate significantly, both in Q3 and in Q4: we forecast 4.7% in Q3, implying a 2.0% in July and August, and a 0.5% in Q4. The reasons for expecting t...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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