H&M : Q4 2023 results below estimates, trading update -4% and new CEO
>P&L and trading update below, with Opex 3% above our estimates - H&M’s Q4 2023 results fell short of both our and consensus estimates, with gross profit in line (SEK 33,657m vs SEK 33,642m in our estimates), EBITDA of SEK 10,573m, i.e. SEK 598m or 5% below, EBIT of SEK 4,332m, i.e. SEK 1,078m or 20% below, and net profit of SEK 1,576m vs SEK 3,464m estimated, i.e. SEK 1,888m or 55% below. This underperformance vs our estimates resulted from higher Opex, higher D&A a...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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