H&M : Higher sales unlikely to offset the higher opex to come – target price reduced
>Forex and inflation should remain two important headwinds - We are reducing our estimates to reflect the latest FX developments and the persistent inflation pressure. We expect the Q2 results (to be released June 29) to continue to show that the higher sales are negatively offset by these two factors: FX and cost inflation. For the following quarters, the impact from FX should continue to have a positive effect on sales. However, this positive effect on sales from FX...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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