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Gross margin improved faster than expected

HM BResearch28.03.2024 klo 08.31

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H&M's first-quarter results were better than expected, mainly due to a higher gross margin. The revenue trend also seems to be turning positive again, which we find encouraging.

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H&M, Hennes & Mauritz, is a Swedish company that designs, produces and sells clothing and fashion items including accessories and home textiles. The company targets fashion-conscious consumers and collaborates with suppliers worldwide. H&M operates globally through both stores and e-commerce. The company was founded in 1947 and is headquartered in Stockholm, Sweden.

Key Estimate Figures28.03.2024

	2023	24e	25e
Revenue	236,035.0	237,069.0	247,555.0
growth-%	5.6 %	0.4 %	4.4 %
EBIT (adj.)	13,538.0	20,737.4	23,718.9
EBIT-% (adj.)	5.7 %	8.7 %	9.6 %
EPS (adj.)	4.73	8.81	10.42
Dividend	6.50	7.00	7.50
Dividend %	3.7 %	4.0 %	4.3 %
P/E (adj.)	37.4	20.1	17.0
EV/EBITDA	9.0	7.9	7.2

Forum discussions

Here is the company report from Lucas following H&M’s Q3 In our view, H&M’s Q3 report once again confirmed that the overall investment case ...

9/25/2026, 4:58 AM

by Sijoittaja-alokas

Here are Lucas’s pre-release comments ahead of H&M reporting its Q3 results on Thursday, September 24 We expect the company’s revenue to grow...

9/17/2026, 5:15 AM

by Sijoittaja-alokas

The former CEO and current chairman of the board, along with his family, has been buying shares heavily since May. Alla Aktier Insynshandel ...

9/9/2026, 5:03 PM

by Harras

Lucas has published a new company report on H&M following the Q2 results In our view, H&M’s Q2 report confirmed that the big picture remains...

6/26/2026, 4:57 AM

by Sijoittaja-alokas

Lucas has published a company preview report ahead of H&M’s Q2 report release on June 25th. We believe H&M’s Q2 (March-May) revenue growth remained...

6/17/2026, 6:14 AM

by Sijoittaja-alokas

Lucas has published a new company report on H&M following the Q1 results In our view, H&M’s Q1 report did not contain any major surprises. The...

3/27/2026, 5:55 AM

by Sijoittaja-alokas

Here are Lucas’s preliminary comments as the company releases its Q1 results on Thursday, March 26 (Q1: Dec 1, 2025 – Feb 28, 2026) We believe...

3/19/2026, 8:51 AM

by Sijoittaja-alokas

Gross margin improved faster than expected

HM BResearch28.03.2024 klo 08.31

Inderes

Discuss

Download report (PDF)

H&M's first-quarter results were better than expected, mainly due to a higher gross margin. The revenue trend also seems to be turning positive again, which we find encouraging.

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This content is only available for logged in users

Create account

Key Estimate Figures28.03.2024

	2023	24e	25e
Revenue	236,035.0	237,069.0	247,555.0
growth-%	5.6 %	0.4 %	4.4 %
EBIT (adj.)	13,538.0	20,737.4	23,718.9
EBIT-% (adj.)	5.7 %	8.7 %	9.6 %
EPS (adj.)	4.73	8.81	10.42
Dividend	6.50	7.00	7.50
Dividend %	3.7 %	4.0 %	4.3 %
P/E (adj.)	37.4	20.1	17.0
EV/EBITDA	9.0	7.9	7.2