H&M : Opex performance unlikely to offset revenue weakness
>We expect a weak quarter and have lowered our estimates… - We have lowered our estimates following disappointing revenue data on Q3 2022 sales. We expect a significant deterioration in the gross margin in Q3 to 51.3% (vs 53.2% in Q3 2021) as a result of the 4% decline reported in sales at constant forex, coupled with the overall cost of inflation and the anticipated negative impact of USD on COGS (c.10% in Q3 from close to neutral in Q2, on our estimates). We also ex...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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