H&M : Results below forecasts due to lower gross margin, set to remain under pressure in Q2, trading update at +6% y-o-y roughly in line
>Higher COGS lead to a lower gross margin, penalising the whole P&L - H&M’s Q1 2022 results were below our estimates mainly due to a lower gross profit, and the company expects this pressure to persist in Q2 due to higher COGS, with general opex only 1% above: gross profit 3% below (SEK 24,260m vs SEK 24,990m estimated) leading to a gross margin of 49.3% vs 50.8% estimated and EBITDA 14% below (SEK 5,851m vs SEK 6,765m estimated) leading to an EBITDA margin of 11.9% ...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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