H&M Says External Factors Will Have More Negative Impact Than Expected In H2
June 27 (Reuters) -H & M Hennes & Mauritz AB HMb.ST:
SALES FOR MONTH OF JUNE 2024 ARE EXPECTED TO DECREASE BY 6 PERCENT IN LOCAL CURRENCIES COMPARED WITH SAME PERIOD LAST YEAR
UNSTABLE WEATHER IN MANY OF H&M GROUP'S LARGE MARKETS AT START OF JUNE 2024 HAD A NEGATIVE IMPACT ON SALES
WE ARE WELL ON WAY TO ACHIEVING OUR LONG-TERM GOAL OF PROFITABILITY EXCEEDING 10 PERCENT OVER TIME
SALES RECOVERED AS WEATHER NORMALISED AT END OF MONTH
OUR GOAL OF AN OPERATING MARGIN OF 10 PERCENT FOR FULL-YEAR 2024 REMAINS IN PLACE
Q2 SIGNIFICANT IMPROVEMENT IN CASH FLOW FROM OPERATING ACTIVITIES, WHICH INCREASED TO SEK 12,600 M (7,499)
FINANCIAL NET CASH INCREASED TO SEK 7,961 M (7,700)
Q2 IN LOCAL CURRENCIES NET SALES INCREASED BY 3 PERCENT
THE COST OF MARKDOWNS IN RELATION TO SALES IN Q2 2024 WAS FLAT COMPARED WITH THE CORRESPONDING QUARTER THE PREVIOUS YEAR
PROFITABILITY PERFORMANCE DURING THE FIRST HALF OF THE YEAR WAS STRONG AS A RESULT OF GRADUAL IMPROVEMENTS IN SALES DEVELOPMENT, A STRENGTHENED GROSS MARGIN AND CONTINUED GOOD COST CONTROL
THE COST OF MARKDOWNS IN RELATION TO SALES IN Q3 IS EXPECTED TO INCREASE SLIGHTLY COMPARED WITH THE CORRESPONDING QUARTER THE PREVIOUS YEAR
FOR 2024 PLAN IS TO OPEN AROUND 100 NEW STORES AND CLOSE AROUND 160 STORES, MAKING A NET DECREASE OF AROUND 60 STORES
THE COMPANY CONTINUES TO PLAN FOR EXTENDED TRANSPORT TIMES IN CONNECTION WITH THE SITUATION IN THE RED SEA
AROUND 30 PERCENT OF SALES WERE ONLINE IN THE FIRST HALF YEAR
WELL-COMPOSED INVENTORY HAS ALSO ENABLED A LATER START TO SALE COMPARED WITH THE PREVIOUS YEAR
CONDITIONS FOR ACHIEVING PROFITABILITY LEVEL THIS YEAR BECOME MORE CHALLENGING AS EXTERNAL FACTORS WILL HAVE MORE NEGATIVE IMPACT THAN EXPECTED IN H2
COST OF MARKDOWNS IN RELATION TO SALES IN Q3 IS EXPECTED TO INCREASE SLIGHTLY COMPARED WITH CORRESPONDING QUARTER THE PREVIOUS YEAR
Q2 A WELL-COMPOSED INVENTORY HAS ALSO ENABLED A LATER START TO SALE COMPARED WITH THE PREVIOUS YEAR
Q2 OPERATING WORKING CAPITAL WAS DOWN BY SEK 1,158 M COMPARED WITH THE PREVIOUS YEAR THANKS TO A BALANCED LEVEL OF INVENTORY AND SLIGHTLY INCREASED TRADE PAYABLES
Source text for Eikon: ID:nWkr6FrV6N
Further company coverage: [HMb.ST]
(Gdansk Newsroom)
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