H&M : Very weak trading update and short of our estimates for the quarter
>Both gross margin and EBITDA underperform our estimates in Q3, while trading update for September at -10% is an additional concern - H&M’s Q3 2023 results fell short of our estimates, with gross profit of SEK 31,015m, i.e. SEK 573m or 2% below, EBITDA of SEK 10,471m, i.e. SEK 927m or 8% below, EBIT of SEK 4,739m, i.e. SEK 249m or 5% below, and net profit of SEK 3,319m vs SEK 3,505m estimated, i.e. SEK 186m or 5% below. This underperformance vs our estimates resulted...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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