H&M: stock up after trading update

(CercleFinance.com) - H&M (Hennes & Mauritz) B shares are up gained 0.
8% on the OMX today, even though the clothing chain posted a 21% decline in Q2 EPS to 2.80 Swedish kronor.

Its operating margin fell 3.3 points to 11.6% for sales (excluding VAT) that are up 1% at nearly 52 billion Swedish kronor, a level that overall is in line with expectations, Bryan Garnier says.

The contraction in the group's gross margin proved to be less than initially feared and the impact of impairments was less significant, the broker points out, for which the main problem remains the seemingly relentless increase in inventories.


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