Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 535.00	Trky	Sdnxdbwz

H&M's Profitability Improvement Is Solid but Sales Trends Remain Patchy

Jelena Sokolova

Jul 1, 2024

Business Strategy and Outlook

Although we still believe that Hennes & Mauritz, or H&M, (the world’s second-largest fashion company in terms of revenue) benefits from scale advantages and brand recognition, we think these are no longer sufficient to guarantee medium- to long-term economic profits in an increasingly competitive environment, hence our no-moat rating for the company.

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