H&M : Q2 in line, but cautious outlook statements
>Q2 sales up 3% but June down 6% - Today, H&M released results for Q2 2024 which ended in May. Q2 sales increased 3% excluding FX to SEK 59,605m (consensus: SEK 59,614m, ODDO BHFe: SEK 59,046m) and was thus in line with the consensus. This compares to 2% growth in local currencies for the period 1–25 March. The gross margin was up 370bp to 56.3% (consensus: 55.9%, ODDO BHFe: 56.0%), i.e. was a notch better. Operating profit excl. one-offs rose to SEK 7,297m (consensus...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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