H&M Q1 Profit Far Below Expectations as Operating Margin Is 0.9%

• (PLX AI) - H&M Q1 gross margin 49.3%.
• • Q1 EBIT margin 0.9%
• • Q1 net income SEK 217 million vs. estimate SEK 728 million
• • Q1 EBIT SEK 458 million vs. estimate SEK 1,197 million
• • With no sales in Russia, Belarus and Ukraine, 185 stores were affected, as well as online sales in Russia
• • Net sales in the period 1-28 March 2022 increased by 6 percent in local currencies compared with the corresponding period last year. Excluding Russia, Belarus and Ukraine the increase was 11 percent