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H&M: UBS still a buyer

( - H&M (Hennes & Mauritz) published its Q1 sales and results in mid-March.

The Scandinavian fashion chain's net sales rose 23% to almost 49.2 billion Swedish kronor (+18% in local currencies), while its gross margin improved by 1.7% to 49.3%.

Profit after tax rose to 217 million Swedish kronor in Q1, compared with a loss of 1.07 billion Swedish kronor a year ago.

The broker confirms its buy rating on the stock with a target price of 210 Swedish kronor.

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