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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Hennes & Mauritz    HM B   SE0000106270

HENNES & MAURITZ

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Hennes & Mauritz : H&M's recovery continues as fourth quarter sales jump 9%

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12/16/2019 | 07:24am EST
FILE PHOTO: The H&M clothing store is seen in Times Square in New York, United States

Fashion retailer H&M said on Monday its sales rose 9% in the fourth quarter, putting it on course to increase annual profits for the first time in four years following heavy investment in online and other services to adapt to a changing market. Shares in the world's second-biggest apparel group were up 2% at 1000 GMT, outperforming the wider market in Stockholm <.OMXSPI>.

They have now climbed 53% this year on hopes the group has embarked on a road to recovery after slowing footfall at its core H&M-branded stores caused years of sliding group profits, mounting inventories and shrinking market value.

Over the past few years the Swedish-based retailer has invested in online services, new store concepts and independent brands to broaden its customer base and turn itself around.

H&M said its sales in September-November, its fourth quarter, were held back by the Black Friday shopping day falling later this year.

It said sales for the quarter rose 9% to 61.7 billion crowns ($6.41 billion). Analysts had forecast a 10% rise, according to Refinitiv SmartEstimates.

In local currencies, growth was 5%.

"Black Friday this year fell a week later, i.e. just before the end of the month of November," H&M said in a statement.

"Therefore some of the big Black Friday online sales will not be recognized until December. The amount in question is

expected to be approximately 500 million crowns."

H&M said that adjusted for that, sales grew 10%, or 6% in local currencies and analysts said that stripping out the Black Friday impact, sales broadly matched expectations.

Rival Inditex, the world's biggest clothing retailer and owner of the Zara chain, said last week its net profit grew 14% in the three months through October, helped by sales growth of 9% according to Reuters' calculation and shrinking inventories.

RBC analyst Richard Chamberlain, with an "outperform" rating on H&M's shares, said H&M's sales figures indicated the retailer had gained share in major markets such as Germany, H&M's biggest market, where industry-wide in-store sales shrank by an estimated 4%.

In the third quarter, H&M had increased profit for the first time in more than two years as heavy spending to meet changes in the market helped sales reach 8% growth in local currencies - a pace last seen three years ago.

Analysts expect full-year profits to grow for the first time since 2015, despite still-high inventory and investment levels.

H&M, which is controlled by the founding Persson family, is scheduled to publish its full earnings report on Jan. 30.

(Reporting by Anna Ringstrom, editing by Helena Soderpalm and Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
HENNES & MAURITZ 1.40% 206.65 Delayed Quote.7.05%
INDUSTRIA DE DISEÑO TEXTIL, S.A. -1.56% 31.58 End-of-day quote.0.41%
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Financials (SEK)
Sales 2020 244 B
EBIT 2020 18 577 M
Net income 2020 14 548 M
Debt 2020 4 695 M
Yield 2020 4,72%
P/E ratio 2020 23,2x
P/E ratio 2021 21,5x
EV / Sales2020 1,40x
EV / Sales2021 1,36x
Capitalization 337 B
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Technical analysis trends HENNES & MAURITZ
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 179,11  SEK
Last Close Price 203,90  SEK
Spread / Highest target 17,7%
Spread / Average Target -12,2%
Spread / Lowest Target -55,9%
EPS Revisions
Managers
NameTitle
Karl-Johan Erling Persson Chief Executive Officer
Stefan Persson Chairman
Helena Helmersson Chief Operating Officer
Jyrki Tervonen Chief Financial Officer
Joel Ankarberg Head-Information Technology
Sector and Competitors
1st jan.Capitalization (M$)
HENNES & MAURITZ7.05%34 330
INDUSTRIA DE DISEÑO TEXTIL, S.A.0.41%106 148
KERING-3.20%76 433
FAST RETAILING CO., LTD.-1.91%54 380
ROSS STORES5.60%44 433
ZALANDO5.16%12 751