Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 172.00	Lftdn	Rmygqnsrg

H&M Earnings: Stock down by 11% Due to a Leadership Transition and Seasonal Challenges

Jelena Sokolova

Jan 31, 2024

No-moat Hennes & Mauritz reported stagnant sales growth in the fourth quarter of 2023 compared with the previous year. Notably, the gross margin and operating margin exhibited an encouraging uptick, reaching 53.7% and 6.9%, respectively, as opposed to the 49.8% and 1.3% figures recorded in the preceding year. Despite the improved profitability, shares are down 11% at the time of writing; we surmise investors are not happy with the announcement that Helena Helmersson is stepping down as CEO and being replaced by Daniel Ervér.

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