H&M (STO: HM-B) FY18 Results: Logistics Upgrade Proves a Drag on Profits

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Key Points

  • H&M reported FY18 net sales were up 3% in local currencies, with an improvement to 6% in 4Q18.
  • EPS was down 21.9% year over year in fiscal 2018, slightly missing the consensus of SEK7.8 recorded by StreetAccount, due to higher selling and administrative costs.
  • In FY19, H&M plans to open 335 new stores, of which around 240 will be under the H&M banner. It plans to close 160 stores.

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