H&M: Uphill trek in 2H for gross margin and opex

研报英文原文证据摘录

H&M: Uphill trek in 2H for gross margin and opex

Deutsche Bank

Research

Rating Company Date

Hold H&M 25 June 2026

Results

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 25 Jun 2026 (SEK) 167.70

HMb.ST HMB SS STO HMb

Price Target (SEK) 155.00

Retail

Retail - Non Food ADR ISIN 52-week range (SEK) 194.25128.35-

HNNMY US4258831050

Uphill trek in 2H for gross margin and

Valuation & Risks opex

Adam Cochrane

DB View Research Analyst

The acid test for H&M, in our view, is whether the actions on gross margin, inventory +44-20-754-17812

management and operating cost control are able to help deliver a sustainable

Shwetha Ramachandran

increase in cFX sales. Management is focussed in improving the store experience Research Associate

and using technology investment to ensure the product assortment is appropriate.

With regards to product, the organisational changes are set to improve speed-to-

Benjamin Yokyong-Zoega

market and decision making with an improved localisation of offer. We see a risk

Research Analyst

that H&M is trying to be "all things to all people" and is broadening the price

+44-20-754-12338

architecture to capture more higher-income, fashion-forward demographics but

the drag of the weaker lower-income consumer is not fading. With gross margin set Do-Hyun Yoo

to turn negative in 2H and opex stepping up, we see limited scope for earnings Research Associate

+44-20-754-19487

upgrades without a better sales performance. We lower our FY26 and FY27 EPS

estimates by 3%. With the stock trading at P/Es of c.22x for Cal26E and c.20x for

Key changes

Cal27E, we retain our Hold recommendation on a lowered target price of SEK 155

160.00 to

(from SEK 160). TP ↓ -3.1%

155.00

Source: Deutsche Bank

Key discussion points

The cost control in 2Q was very strong.