H&M : Slightly lower-than-expected gross profit with an in line trading update
>Higher COGS drive the shortfall vs our estimates; trading update +4% is in line with our expectation for FY - H&M’s Q1 2023 results were below our estimates: gross profit SEK 25,886m, i.e. SEK 346m or 1% below, adj. EBITDA SEK 5,231m, i.e. SEK 339m or 6% below, EBIT -SEK 274m adjusted (SEK 725m headline; i.e. SEK 410m below when adjusted) and net result -SEK 458m adjusted (SEK 541m headline) vs -SEK 77m estimated. The adjustments referred to correspond to a SEK 999m...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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