Fashion Retailer H&M Reports 6% Top-Line Growth In Q2
Portfolio Pulse from Shivani Kumaresan
Hennes & Mauritz AB (H&M) reported a 6% YoY increase in Q2 FY23 sales to SEK 57.6 billion, despite high raw material and freight costs and a strong U.S. dollar. Operating profit for the quarter was SEK 4.741 billion with an operating margin of 8.2%. The company's board has been authorized to start a share buyback program for a maximum amount of SEK 3 billion. H&M's shares (HNNMY) closed lower by 1.38% at $2.85 on Wednesday.
June 29, 2023 | 1:19 pm
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H&M reported a 6% YoY increase in Q2 FY23 sales, despite high costs and a strong U.S. dollar. The board has been authorized to start a share buyback program. However, H&M's shares (HNNMY) closed lower by 1.38% at $2.85.
Despite reporting a 6% YoY increase in Q2 FY23 sales and the announcement of a share buyback program, H&M's shares closed lower. This could be due to the high costs and strong U.S. dollar impacting the company's results. The share buyback program could potentially boost the stock price in the future.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100