H & M Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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H&M Earnings: Margins Improve on the Back of Cost Reductions; Sales Stay Weak; Fair Value Maintained

Jelena Sokolova , Fabienne Pfeiffer

Sep 24, 2026

H&M released its third-quarter results today, reporting 1% local-currency sales growth and an operating margin of 9%, excluding one-offs. Full-year SG&A reduction guidance was narrowed to the lower end of the range amid rising cost pressure heading into the fourth quarter.

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H & M Hennes & Mauritz AB Class B

H&M Earnings: Margins Improve on the Back of Cost Reductions; Sales Stay Weak; Fair Value Maintained

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