H&M: stock down as Q3 profit below expectations
(CercleFinance.com) - On Thursday H&M reported a larger-than-expected drop in its Q3 operating profit, with the stock falling almost 3% as a result.
Excluding Russia, the Swedish fashion giant's operating profit for June-August fell to 3 billion Swedish kronor, from 6.3 billion Swedish kronor a year ago.
This was nothing like UBS analysts' forecast of 4.9 billion Swedish kronor.
H&M, the world's second largest clothing company behind Spain's Inditex, reported a gross margin excluding Russia of 50.4%, compared with 53.2% a year earlier, again below the consensus of 51.4%.
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Excluding Russia, the Swedish fashion giant's operating profit for June-August fell to 3 billion Swedish kronor, from 6.3 billion Swedish kronor a year ago.
This was nothing like UBS analysts' forecast of 4.9 billion Swedish kronor.
H&M, the world's second largest clothing company behind Spain's Inditex, reported a gross margin excluding Russia of 50.4%, compared with 53.2% a year earlier, again below the consensus of 51.4%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.