H&M: stock falls after lacklustre performance
(CercleFinance.com) - Swedish clothing giant Hennes & Mauritz reported slightly better-than-expected Q1 sales on Wednesday, but LFL growth disappointed, with investors leaving the stock in Stockholm.
Sales rose 12% to 54.87 billion Swedish kronor (about 4.8 billion euros) in the December-February period, ahead of analysts' expectations of around 54.50 billion SEK.
However, in local currencies, sales growth was a much lower (3%), below the consensus of 4.5%.
Following this disappointment, H&M shares fell by over 5% in early trading on Wednesday, although they are still up over 17% YTD, almost double the 9% rise in the Nasdaq OMX Stockholm index.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Sales rose 12% to 54.87 billion Swedish kronor (about 4.8 billion euros) in the December-February period, ahead of analysts' expectations of around 54.50 billion SEK.
However, in local currencies, sales growth was a much lower (3%), below the consensus of 4.5%.
Following this disappointment, H&M shares fell by over 5% in early trading on Wednesday, although they are still up over 17% YTD, almost double the 9% rise in the Nasdaq OMX Stockholm index.
Copyright (c) 2023 CercleFinance.com. All rights reserved.