EU CONSUMER CYCLICALS: H&M: 3Q results
Sep-25 16:15
(HMBSS; NR/BBB) (stock +10%)
31s give 17bps above Kering.
3m to August:
- sales SEK 57b (€5.2b), +2% with a 5% FX headwind dragging net to -3% y/y
- growth despite -4% reduction in store footprint
- 30% of sales online
- Gross margin 52.9% (+180bps)
- SG&A -1% y/y in local currencies, -5% net of FX
- EBIT margin 8.6% (+270bps)
- Cash flow from operations SEK 10b (vs. 8.2b LY)
- Net levered 1.4x within target 1.0-2.0x
Forward looking:
- September sales flat y/y. Notes this is partly on high base from last year
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