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H&M (STO: HM-B) 2Q19 Results: Gains Market Share, Cuts Markdowns, Points to Long-Term Benefits of Transformation

Coresight Research

Key Points

  • H&M confirmed its 2Q19 sales came in ahead of estimates and reported EPS of SEK 2.76, down 1.4% year over year and missing the consensus of SEK 2.81.
  • Gross margin contracted 73 basis points (bps) to 55.4%, slightly below consensus of 55.5%, due to investments in transformation work.
  • H&M reduced its store opening target and now plans a net addition of 130 stores in 2019 compared to 175 stores targeted earlier (including 295 openings and 165 closures).

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