H&M（HNNMY.US）2026年第二季度业绩电话会
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会议摘要
H&M Group's Q2 2026 results highlight solid profit margins from improved gross margins and cost control, despite sales challenges. The company is restructuring its sales organization, investing in digital and logistic infrastructures, and optimizing its store portfolio to enhance customer engagement. Strategic priorities include strengthening product offerings, improving store layouts, and maintaining a 55-57% gross margin focus on quality and competitive pricing. H&M aims for profitable, sustainable growth, with a stable financial outlook for the year, despite regional economic conditions and supply shortages impacting sales.
会议速览
H&M's Q2 2026 Results: Profit Growth Amid Sales ChallengesH&M reports a solid profit margin for Q2 2026, driven by improved gross margin and cost control, despite sales remaining flat with 3% fewer stores. The company faces challenges in Western Europe due to lower consumer confidence and logistical disturbances, but notes progress in stock efficiency and portfolio brand growth.
Progress in Profitability, Sales Channel Growth, and Financial EfficiencyThe dialogue highlights advancements in profitability through gross margin improvement, cost control, and enhanced operational efficiency. It emphasizes the growth in online sales, strategic supplier partnerships, and store portfolio optimization. The summary also touches on the strengthening financial position with improved return on capital employed and earnings per share, showcasing the company's disciplined execution and ability to create sustainable value.
H&M's Strategic Initiatives for Enhanced Customer Experience and Digital TransformationH&M has implemented significant organizational changes, including the removal of regional and online sales layers, to bring decision-making closer to customers. The company is upgrading its digital infrastructure to improve data-driven decisions and align supply with demand. H&M is enhancing its physical store network, with successful openings in growth markets and improvements in store layout and product presentation. The brand is also engaging in cultural moments and partnerships to build excitement around its brands, aiming to create a stronger customer offer with outstanding products, inspiring experiences, and strong brands.
Celebrating Collaborations, Sustainability, and Financial Outlook for Future GrowthHighlights key partnerships with Sala McCartney and Swedish candy brand, emphasizing sustainable innovations and youth appeal. Discusses financial strategies, including cost control and investments in technology, aiming for a balanced growth trajectory.
Strategies for Enhancing Inventory Management and Maintaining Gross Margin Amidst Supply Chain ImprovementsA discussion on advancements in inventory control, strengthening digital and logistic infrastructure, and sustaining gross margin amidst external market volatility. The focus is on avoiding supply gaps, enhancing customer experience, and strategic investments in supply chain and sourcing excellence.
Distinguishing One-Off Costs from Regular Expenses and Future Investment StrategiesThe dialogue discusses the differentiation between one-off restructuring costs and regular management changes, emphasizing the unique nature of the former. It outlines the company's strategy to maintain efficiency while planning for increased investments, particularly in the second half of the year, despite recent cost reductions. The conversation also touches on external factors affecting gross margins, predicting a potential easing of currency effects and material price spikes, while acknowledging some upward pressure ahead.
Addressing Inventory Gaps, Consumer Sentiment, and Organizational Changes for Enhanced Sales and EfficiencyThe dialogue discusses challenges with inventory affecting sales, particularly in women's wear, due to supply-demand mismatches and weak consumer sentiment in Western Europe. It highlights efforts to improve stock efficiency through proximity sourcing and accelerate shorter lead times. Additionally, it covers an organizational restructuring aimed at streamlining decision-making processes for quicker execution of sales strategies.
Strategies for Enhancing Store Sales Density and Organizational RestructuringDiscussed strategies to improve sales densities through store optimization and digitalization, aiming for a more customer-relevant approach. Also, highlighted plans for organizational restructuring to enhance decision-making speed and reduce costs, with expected benefits materializing gradually over the next year.
Strategic Priorities for Enhanced Supply Chain and Retail ExperienceA discussion on key strategic priorities for business growth, focusing on leveraging supply chain efficiency and tech investments to ensure product availability, and enhancing store portfolio to inspire customer excitement and loyalty.
Strategies for Enhancing Retail Experience and Product DevelopmentPlans to refurbish a quarter of stores by year-end focus on improving customer experience and product relevance. Investments in data, AI, and creative talent aim to strengthen product offerings across customer groups, addressing supply issues and enhancing assortment relevance.
Impact of Raw Material Price Hikes on Gross Margins and Marketing Cost OptimizationA discussion on how rising raw material costs will affect gross margins with a 6-8 month lag, and the company's strategy to maintain marketing costs while improving efficiency through technology and data insights.
Analysis of June Sales Impact Due to Availability Issues and Calendar SwingsThe dialogue highlights how availability issues and calendar swings, including logistics challenges, affected sales in June, with subdued demand in Western Europe noted as a key factor. No specific adjusted figures are provided, but the impacts on fiscal Q2 and June trading are acknowledged.
Market Share Trends in Southern Europe, US, and Western EuropeThe dialogue discusses robust demand in Southern Europe, with gains in market share, particularly in Germany despite economic challenges. In the US, demand shows sequential strengthening after prudent supply management affected Q1 sales. Western Europe, excluding Germany, faces weaker demand, especially in the UK.
Exploring Accelerated Investments in Digital Infrastructure and Customer Experience EnhancementsThe dialogue highlights strategic investments in digital infrastructure and physical store enhancements to improve customer experience and profitability, with a focus on balancing capital expenditure and operational efficiency.
Markdown Strategies Amid Inflation: Adapting to Price-Sensitive Consumer BehaviorThe dialogue discusses how markdown strategies have been employed to engage price-sensitive customers amid lower consumer confidence. Improved stock efficiency has reduced the need for markdowns, but promotional intensity has increased to attract certain customer segments. Inflation's impact has led to resilient spending in some groups and tighter wallets in others, necessitating targeted markdowns for price-sensitive markets.
Navigating Full-Price Sales Amid Economic Pressures and Customer AdaptationThe company discusses enhancing full-price sell-through, emphasizing the blend of appealing in-store experiences, strong communication, and trend-relevant garments. Despite economic pressures affecting customer spending, there's a noted appetite for full-price purchases, especially in flagship stores and online. The dialogue acknowledges the diverse market segments and the role of lower price points in certain demographics, while highlighting successful strategies in premium retail settings.
Strategies for Enhancing Sales Through Product Mix and Price OptimizationThe dialogue explores the potential to optimize sales by adjusting the product mix to target customers with higher spending capacity, while maintaining accessibility for lower-income consumers. It highlights successful sales of high-end, functional athletic wear and spring outdoor collections, as well as the continued appeal of affordable, sustainable options. The discussion emphasizes the importance of broadening product offerings to strengthen categories and cater to a wider customer base, aiming to build a more relevant and inclusive brand.
Tech Investment Impact on Opex and Pricing Strategies for Enhanced CompetitivenessDiscussed effects of tech investments on Opex, emphasizing future impacts and maintaining low single-digit increases. Also, highlighted importance of competitive pricing and value for money across various price points to drive sales and customer confidence.
Analysis of Heat Wave Impact on Sales and Inventory Markdowns in Fashion RetailDiscussion on the short-term sales impact of Europe's heat wave, cautious assessment of its significance, and analysis of inventory levels and markdown strategies, highlighting the complex relationship between stock and commercial activities.
要点回答
Q：What are the highlights of the second quarter results for H and M Group?
A：The highlights of the second quarter results for H and M Group include improved profitability with a script profit margin, strong operational efficiency, solid cost control, and an increase in the operating margin to 8.5% on an Ed month rolling basis, including onetime costs. Sales were in line with the previous year despite having 3% fewer stores. The company experienced a difficult quarter in Western Europe with a decrease in consumer confidence and consolidation of the logistics network leading to lower availability. Portfolio brands focused on full price sales, affecting the top-line performance.
Q：What is the purpose of the organizational change in H and M Group?
A：The purpose of the organizational change in H and M Group is to ensure the company becomes more relevant to its customers by making operations closer to the customers and thereby taking quicker decisions to improve relevancy across the 81 different markets it operates in.
Q：How is H and M Group addressing the challenges in the Western European market?
A：To address the challenges in the Western European market, H and M Group is working on consolidating its logistic network to improve availability for customers. Additionally, the company is focusing on improving stock efficiency and addressing supply chain imbalances.
Q：What improvements were made in the gross margin and how does it relate to the company's long-term goals?
A：The gross margin improved by 120 basis points to 56.6%, and the company is now within a range of the 'more normalized gross margin' of 48-52%. This is an important step towards the long-term ambition of achieving a double-digit EBIT margin, which is a key component in the strategy to create sustainable value over time.
Q：What are the outcomes of the cost control measures and inventory management?
A：The outcomes of the cost control measures include a decrease in selling and administrative costs by 1% in local currencies, and a cost base decrease by 2% in local currencies. This has resulted in a significant improvement in operating profit with a margin of 12% compared to 10.4% in the second quarter of 2025. The inventory turnover is now at 15.8% of sales, a decrease from 16.6% in the same time last year, while the inventory composition is considered good. Ongoing improvements in precision of demand planning are anticipated to further enhance inventory levels.
Q：How does the company's performance in the past year reflect on its structural journey?
A：The company's performance in the past year reflects a solid foundation and a focus on execution that has led to an improvement in profitability and operational efficiency. This is evidenced by the strengthening of gross margin and inventory levels, as well as operating margin. These improvements are indicative of a stronger capital efficiency and a more disciplined execution, underpinning the ability to create sustainable value over time.
Q：What is the significance of the return on capital employed and earnings per share for H and M Group?
A：The return on capital employed and earnings per share are key value drivers that are showing a clear momentum of improvement for H and M Group. Over the past few years, the rolling 12-month return on capital employed has increased by over 11 percentage points to 17.4%, and the EPS has increased more than 260% over the same period. These improvements underscore the strength of the company's capital efficiency and disciplined execution across the business.
Q：How is H and M Group managing its financial position and capital allocation?
A：H and M Group is managing its financial position by maintaining leverage within the target range and achieving a strong cash conversion. The company is progressing with active working capital management and has a high degree of financial flexibility and liquidity. Financial policy includes returning capital to shareholders through dividends, with the first installment paid and the remaining part to be paid in November.
Q：What was the purpose and impact of the organizational changes in H and M Group?
A：The purpose of the organizational changes in H and M Group was to move decision-making much closer to the customer to increase relevancy in each market and improve the customer offer more swiftly. The changes also involved strengthening the representation of sales markets in the global leadership team. The impact of these changes is anticipated to make the company more agile and customer-focused.
Q：What are the plans for upgrading the digital infrastructure and its benefits for H and M Group?
A：H and M Group plans to upgrade its digital infrastructure to become more data-driven and to aid in better decision-making for customer offerings and experiences. The upgrades are also expected to improve the alignment of supply with market demand. These changes are designed to create a better foundation for teams to develop a stronger customer offer with products, experiences, and brands.
Q：How is H and M Group enhancing the customer experience across its channels?
A：H and M Group is enhancing the customer experience by continuing to upgrade the online store with improved navigation, product presentation, and customer inspiration. The company is also working on improving its physical store network and the flagship store concept, with plans to apply these improvements across the portfolio in the second half of the year. Additionally, the group is building excitement around its brands through cultural moments and partnerships with creators.
Q：What partnership was highlighted for its positive reception by the young customer base?
A：The partnership with Salma McCartney was highlighted for its positive reception by the young customer base.
Q：What were the speaker's feelings regarding the partnership with the music phenomenon, Anita?
A：The speaker expressed pride in seeing the new friend from their opening in Brazil, the music phenomenon Anita, perform at the World Cup opening in a custom made H&M outfit.
Q：What is the financial outlook for the year?
A：The financial outlook for the year remains as previously stated, with an estimate of the overall effects of external factors impacting gross margin to be neutral compared to the same period last year.
Q：How is the company planning to grow and what are the priorities for the upcoming period?
A：The company aims to grow as DNA at a low single-digit level in local currencies for the full year. The priorities include continuing store portfolio upgrades, optimizing the warehousing network, and embarking on digital infrastructure upgrades. The focus remains on good cost control and resource allocation to high business impact areas.
Q：What is the plan to ensure product availability and prevent supply gaps?
A：The plan to ensure product availability and prevent supply gaps involves further strengthening the digital infrastructure, improving allocation systems, and making structural changes to avoid creating supply gaps. The company will continue to work on reducing stock in relation to sales at a slower pace to ensure no supply gaps.
Q：How does the company plan to stay at the current gross margin level with the focus on customer growth?
A：The company plans to stay at the current gross margin level by reinvesting further improvements in the supply chain and operational efficiency, while ensuring investment towards the customer. The goal is to maintain the range while continuing to invest in customer focus, despite the volatility in external factors like cotton prices.
Q：What is the difference between one-off costs and restructuring costs?
A：One-off costs and restructuring costs differ in that rebuilding the operational model while removing layers is considered a major change not expected to recur. The other one-off charges are more normal, frequent occurrences. One-off costs sum up to a significant amount and include provisions for effects that will come later, hence they are included in the totality.
Q：Is there an underlying Opex increase in the second half of the year?
A：There is an expectation for an underlying Opex increase in the second half of the year due to planned investments, particularly in a forward-leaning perspective, which will affect the result rather than just being put on the balance sheet.
Q：What is the expected impact of external factors like cotton prices on the gross margin?
A：The expected impact of external factors on the gross margin includes neutral effects in the third quarter with the currency effect tapering off and no major reasons for supply shortage leading to material price increases. While there is some upward pressure, the currency effect is expected to ease out and the temporary spike in material prices should not be significant.
Q：What are the reasons for moving production closer to main markets and how is it helping the company?
A：The reasons for moving production closer to main markets include being able to quickly close gaps and react to surges in demand. Proximity sourcing has helped the company to improve stock efficiency and ensure that they always have the latest fashion, allowing for a balance between capabilities and the speed of improvements.
Q：What is the recent development regarding sales across customer groups, and why is the momentum in women's sales stalling?
A：The recent development shows that while plans were in place for stronger sales in the current quarter, none of the customer groups, including women, are performing strongly enough to meet the desired sales level. The momentum in women's sales is stalling due to supply gaps between markets, effects of weak consumer sentiment in key markets like the UK and Germany, and issues with the logistics network in Western Europe.
Q：How will the store optimization program affect store sales densities and store touchpoints?
A：The store optimization program will result in a repositioning of stores and a focus on digitalization and layout adjustments to improve availability and structure of stores. Around 15% to 20% of stores have been touched by this program with positive results, and the intention is to scale these improvements further throughout the autumn. Store sales densities are expected to be uplifted, particularly when assortment offerings are extended, as seen with the addition of sportswear and fragrances.
Q：What restructuring actions are being taken, and what are their expected benefits and timeline?
A：The company is restructuring to remove some regional structures in the sales staff and eliminate a layer of HQ profit in the sales organization to speed up decision-making and better serve customer needs. The changes are expected to result in a more relevant customer offer and drive profitable sales growth over time. The cost implications of these actions are tied to a previous efficiency program with cost savings and are expected to be gradual with implementation starting now and continuing into early next year.
Q：What are the key strategic priorities for the business in the near term to drive sales and margins?
A：The key strategic priorities for the business in the near term to drive sales and margins include using the strength of a flexible and fast supply chain combined with tech investments and a more creative organization to deliver outstanding products on time without supply gaps. The second priority is to further refine the store portfolio to better inspire and excite customers, leading to increased conversion and return visits.
Q：How many stores does the company plan to refurbish in the second half of the year, and what is the anticipated outcome?
A：The company plans to refurbish around a quarter of the stores by the end of the year, which is an increased pace compared to the normal rebuild cycle. The goal is to touch base with these stores to enhance availability and improve the customer experience through improved store configurations and concept changes.
Q：What is the company's focus area in terms of product and strategy?
A：Products remain the most important focus for the company. They aim to strengthen the product offering and invest in structural and technical improvements, such as better data models, insights, and AI for trend detection and design enhancement. The company is also investing in creative talent and is seeing their work across all customer groups.
Q：What factors influenced the company's performance in the current quarter?
A：The performance in the current quarter was impacted by supply challenges and the high variability in demand across different regions. Despite challenges, the company is focusing on strengthening the product offering and believes that with more flexibility and better-informed decisions, they can deliver a more relevant assortment.
Q：When will the increase in materials prices affect the gross margin, and what is the outlook for marketing costs?
A：There is a normal estimate of a 6 to 8 month lag between how fiber and raw material prices affect gross margin. The company does not foresee significant impact during the autumn term but will maintain close scrutiny, especially on the marketing side. They expect marketing resources to be at a similar level compared to last year and aim to remain on fairly similar levels while improving productivity and effectiveness through the use of technology, data, and insights.
Q：What challenges impacted the company's sales and availability in the second quarter and June?
A：Challenges such as logistics disturbances impacted the company's sales and availability in both May and June. These disturbances, along with subdued demand in Western Europe, particularly in the UK, impacted the top line. The company experienced availability issues which led to a slight below-plan outcome in sales for these periods.
Q：Are there specific markets in southern Europe or the US where the company is gaining market share?
A：The company is a strong player in Germany and has been well received with their offerings, enabling them to take market share despite reduced consumer spending power. In Southern Europe, especially the markets closest to the Mediterranean, the company has seen a more resilient customer base and has been able to perform well, gaining market share.
Q：What investments is the company considering to accelerate due to improved underlying business efficiency?
A：The company is looking to accelerate investments in areas that will improve profitability and financial strength. This includes enhancing the customer offering to ensure best value for money, investing in digital infrastructure, and upgrading the physical store portfolio to elevate the customer experience.
Q：Is the company looking to increase full price sell-through in stores and online?
A：Yes, the company is focused on increasing full price sell-through in their stores and online. This is part of their strategy to improve stock efficiency and reduce the need for markdowns on stock清理. They aim to target price-sensitive segments of the market and avoid markdowns that do not trigger sales across their key markets.
Q：What is the perceived impact of customers getting used to buying H&M products on full price?
A：It is suggested that there may be a lag between customers becoming more inclined to buy H&M products on full price and the response from customers, which may take some time as customers get used to this change. The strategy includes creating an exciting experience with strong communication and relevant, on-trend garments.
Q：How is the full price sell-through from customers perceived in different demographics and in the face of inflation?
A：There is a very high appetite for full price sell-through from customers across different demographics. However, some customers are experiencing pressure on their disposable income due to inflation. The company recognizes that price points are important for different segments of the market, and full price sales are strong in some flagship stores and online.
Q：Is there an opportunity for H&M to focus on customers with lower income and adjust product mix to increase sales?
A：H&M is already selling a wider mix of products which caters to customers with lower income as well as those who are more affluent. The strategy involves analyzing customer behavior and adapting the product mix to potentially increase the average selling price and maximize sales for customers who are able to spend more.
Q：How is H&M managing the diversity in customer pricing preferences and product assortment?
A：H&M is managing the diversity in customer pricing preferences by selling a wider range of products, including higher-priced items like athletic gear and spring outdoor apparel, as well as maintaining a good selection of more affordable products. The company aims to offer attractive, sustainable products at an entry-level price point while also building a wider and more relevant offer for customers.
Q：What is the impact of tech investments on OPEX, especially in the second half of the year?
A：Tech investments have not yet affected OPEX levels as the core ERP system and fundamental tech infrastructure upgrades are in the process of starting. OPEX cost increases are expected to remain within the guidance of low single-digit local currency increases. The future impact of tech investments is factored into the Opex cost increase guidance.
Q：How does H&M ensure pricing competitiveness and the perception of outstanding value for money?
A：H&M ensures pricing competitiveness and value for money by constantly working to offer the best possible prices across all products, from lower-priced T-shirts to higher-priced pieces. The company invests in lowering prices to remain competitive and focuses on building an assortment structure that provides good coverage across relevant price points. This ongoing work ensures customers receive a wider product mix positively while maintaining strong low and category price points.
Q：What was the impact of the heat wave in Europe on H&M's sales in June?
A：During June, H&M saw strong interest in their summer collections due to the ongoing heat wave in Europe. Sales were in line with the performance for the year to date, which is below the company's expectations. The company acknowledges the short-term impact of weather on sales but cautions against making broader conclusions due to the variability in the retail sector.
Q：Is there a correlation between inventory levels and markdown impacts at H&M?
A：There is a correlation between inventory levels and markdown impacts at H&M. However, the details provided suggest that while stock solding component has decreased, the company has had to maintain a similar level of commercial activity to offset this. The company expects that as consumer confidence normalizes, the benefits of effective inventory management will become apparent, along with the normalization of markdown activities and improved stock solving aspects of margins.
