Hennes & Mauritz - 500 Beiträge pro Seite

[tommek]

Kann mir jemand sagen was mit Hennes & Mauritz los ist?
Heute 6,5% - !!!
Sind das Einstiegskurse ??

[Jamilas]

Hallo,

heute ist H&M um 9,7% auf 22,70 EUR gefallen.
Was ist da nur los?

Bye
Jamilas

[bk4]

Halbjahresbericht von der Website von H&M. Habe sonst keine News gefunden.Leider werde ich aus der Meldung nicht ganz schlau, da mein Englisch fürchterlich schlecht ist.Aber vielleicht hilft es euch weiter.
http://www.hm.com/hm/finance/annual.asp



2000-06-20] Half-Year Report
1 December 1999 - 31 May 2000



Group turnover amounted to SEK 17,242 M (SEK 15,683 M), an increase of 10 per cent. Adjusted for exchange rate fluctuations, the increase was 16 per cent.


Profit after financial items was SEK 1,813 M (SEK 2,049 M).


Adjusted for negative effects of currency rate fluctuations of SEK 163 M and costs for the start-up of two new markets, the USA and Spain, of SEK 140 M, profit before tax amounted to SEK 2,116 M (SEK 2,049 M), an increase of 3 per cent.


The start-up of three stores on the American market has by far exceeded expectations. Decision has therefore been made to double the planned number of stores in the USA, from five to ten stores, this financial year.


Approximately 75 stores are planned to open in the USA in the next three year period.

[AndyBusch]

Hallo
Kleine Vorbemerkung: ich bin Ex-H & M-Aktionär.
Ich hatte mal einen Thread angefangen (unten auf 2 oder 3 anklicken)
Was ist mit H & M los ?
Damals gings um 30 % auf 28 Euro runter.
Ich poste jetzt mal den damaligen Grund rein.

The turn over of the H&M Group during the first quarter of the fiscal year amounted to MSEK 8.265 (previous year 7.276,5), an increase of 14 per cent. Adjusted for currency conversion impact the increase equaled 19 per cent. The result after financial items is estimated to be approximately MSEK 670 (MSEK 758,7). Currency fluctuations as well as start up costs and depreciation in the US and Spain have had a negative impact of MSEK 125 on profit. Adjusted for this the result would amount to approximately MSEK 795, an increase of 5 per cent compared to the first quarter last year. The first quarter report of the group will be published April 13.

D.h. wenn man Einmalkosten für die Expansion nach USA und Spanien + Währungsschwankungen herausrechnet ergibt sich ein Gewinn von 5 % !!!

Ich bin damals fluchtartig (nach technischer Korrektuer zu 29 Euro) aus H & M raus. Obwohl kein Betriebswirt erschien mir dieses Ergebnis damals grottenschlecht.
Sage und schreibe 5 % Wachstum führt zu einem aberwitzig hohen PEG und das für einen Konsumwert.

Und jetzt vergleiche das mal mit dem Halbjahresbericht den bf4 gerade reingepostet hat.

Der Vorstand von H & M hat für mich damals nicht glaubwürdig gemacht, dass das ein einmaliger Ausrutscher war.
Ich bin auch etwas skeptisch, dass die Expansion nach USA so ertragsreich sein wird. Geh mal durch eine große Mall in USA z.B. Great Mall (Silicon Valley). Da braucht man eine halbe Stunde um durchzulaufen und es reiht sich ein Factory Outlet ans andere. Die Kundendichte ist im Vergleich zu Europa leg mich jetzt da nicht auf eine %-Zahl fest relativ gering. Wo sollen die Gewinne/Umsätze herkommen ?

Trotzdem würde ich jetzt nicht sofort rausgehen. M.E. wird es zumindest eine technische "Korrektur" geben.

grüße Andy
p.s. wie immer: nur meine persönliche Meinung. Do your own research.

[Broker_Marvin]

Bezüglich der Expansionsstrategie in die konsumfreudige USA kann ich dir nicht ganz folgen.
Die Erwartungen der bisher geöffneten Stores (Ostküste und NY) haben alle Erwartungen übertroffen.
Das wird sich über kurz oder lang in den Kursen widerspiegeln.

Daß die Aktie aber derzeit extrem angeschlagen ist, steht ausser Frage...

[Joe Rocket]

21.06.2000 H & M kurzfristig Underperformer

Die WGZ-Bank erwartet kurzfristig für Hennes & Mauritz (WKN 872318) keine positive Kursentwicklung.

Bei einem Umsatzanstieg um 9,94 % auf 17,242 (Vorjahr: 15,682) Mrd. SK im
ersten Halbjahr (Ende 31.05.) sei der Vorsteuergewinn um 12 % auf 1,812 (Vorjahr:
2,048) Mrd. SK zurück gegangen.

Damit habe das Halbjahresergebnis des schwedischen Textilherstellers noch unterhalb der (aufgrund des enttäuschen den Ergebnisses im ersten Quartal) zurückhaltenden Markterwartung gelegen.

Mit der Expansion nach Amerika und Spanien verbundene Anlaufverluste und Wechselkursbelastungen würden die Euphorie für den ehemaligen Börsenliebling dämpfen.

Zwar würden vom Management Anstrengungen unternommen, die Kosten zu zügeln und den Preisverfall zu stoppen; die Ergebnisse der Maßnahmen dürften sich jedoch frühestens zum Jahresende zeigen.

Aufgrund des großen Erfolges erster Niederlassungen in Amerika, solle die Zahl der US-Filialen im Laufe des Jahres auf 10 erhöht werden. Insgesamt seien 75 Shops innerhalb der nächsten drei Jahre geplant.

Kurzfristig dürfte die Ergebnisenttäuschung den Aktienkurs belasten, für langfristige Investoren könnten sich jedoch Einstiegsmöglichkeiten
in ein grundsätzlich hervorragend positioniertes Textilunternehmen bieten.

[AndyBusch]

weil ich es gerade zufällig gelesen habe:

Analyst discusses the balance of Hennes & Mauritz` expansion program

TWST: To get back to Hennes & Mauritz, which just opened a store here in New York. As you mentioned expansion being one way to deal with the over-capacity issue, do you think that is a workable strategy for them?

Mr. Shiret: I`m a seller of Hennes & Mauritz. I`ve got a share price target of 100 Kroner against a current share price of 181 Kroner. Essentially, the problem is that Hennes has had two bad seasons in Europe and estimates have come down. They`re being affected by currency hits as 60% of their sales are in Euro land, and their results are translated into Kroner, which is outside the Euro zone and is much stronger than the Euro. So that hasn`t helped them. The other currency effect is that they`re having to buy in dollars and sell in Euros for a lot of their markets, which can`t be very good news. I think, so far, that hasn`t really come through in the P&L because of forward exchange cover. They are having some problems and, at the moment, I think they`ve got a 29% inventory increase year on year at the end of Q2 with a sales increase in the second quarter of about 7%, so they`ve got far too much inventory, which is going to have to be cleared in Q3. There is some issue because they buy a big amount of their product in the Far East for cost reasons. There is an issue about their flexibility to change their autumn/winter range to reflect some of the issues that they`ve had with the spring/summer ranges. That combination is not great news. I think my more strategic issue with Hennes is the balance of their expansion program, which I believe, has increased the risk. The point I think with this is that Hennes has typically expanded by going into adjacent regions to its existing trading regions, and it`s more of a North European retailer. You tend to find there are three product areas in Europe for fashion. There`s North Europe; for the Latin stroke, South Europe; and then to the East, it is somewhat less advanced, shall we say. Hennes has been typically a North European retailer. Its biggest market is Germany where a third of its turnover originates and where it probably gets over 40% of its EBIDT. They are now slowing down in Germany. It looks like comp store sales in the last quarter were down between 3% and 5%. It may be just a seasonal thing because of the product and that might come back. But the issue is that if you look at the two big trading areas of Scandinavia and Germany, Germany`s got very high EBIDT margins. Scandinavia`s got no opening program anymore, so it actually throws off cash in the same way as Germany does. The cash flows in those two areas have been used to finance expansion into new territories. At the moment, they`re expanding into principally three new territories. They`ve been in the UK for a long time. The main territories they`re expanding into are France and Spain. In France they started a couple of years ago. In Spain they started last year, and then there`s the US. They`re into three new territories, which is sort of historically quite a big amount of new territories for them. Two of those territories are Latin, Southern European sort of territories. Consequently, there is some debate as to whether the product offer will be acceptable there. The third territory that they`re in, the USA, I think has market characteristics that are very demanding anyway. I think there are signs being thrown off by the store on Fifth Avenue. I actually think it`s quite a bad store, having been in it. I think that the real issue is that I would have thought it would be much more sensible to try to establish the acceptability of the brand more widely before committing to a 75-store opening program over three years. The cash generating part of the business is slowing down quite a lot. The cash absorbing part of the business was already in quite an aggressive condition, and now it`s being made more aggressive. I think that the US market is very, very much more demanding than the European markets. If you look at the concentration of competition in Germany versus the USA, I mean in Germany 40% of the German clothing market is still run by independents, mom and pop shops, whereas 20% of the US market is run by Wal-Mart, K-Mart, and Target. The markets could not be more fundamentally different, I think. So, why is it that they feel that they are going to be so successful?


They are saying the sales densities have exceeded their wildest expectations on the stores that they`ve opened so far. If you look at sales densities of people like the GAP in the US, they`re doing about $700 a square foot a year. Hennes in New York so far has been doing about $1,800 to $1,900 a square foot and those are big figures, but the store is on Fifth Avenue and they must probably be paying $500 a square foot in rent. Why is it that Hennes & Mauritz should appear to achieve such a superior sales density to GAP across a very wide area of the US?

I don`t think it will. If you look at Hennes in Europe, they`re only achieving about $500 to $600 a square foot, which I think is what they`re more likely to normalize to in the US. I think with the signs they`ve taken from the first store, they`re being much, much too optimistic.

Also: ist immer noch nicht auf meiner Empfehlungsliste.

Grüße Andy" target="_blank" rel="nofollow ugc noopener">http://uk.biz.yahoo.com/000822/114/agvsr.html

TWST: To get back to Hennes & Mauritz, which just opened a store here in New York. As you mentioned expansion being one way to deal with the over-capacity issue, do you think that is a workable strategy for them?

Mr. Shiret: I`m a seller of Hennes & Mauritz. I`ve got a share price target of 100 Kroner against a current share price of 181 Kroner. Essentially, the problem is that Hennes has had two bad seasons in Europe and estimates have come down. They`re being affected by currency hits as 60% of their sales are in Euro land, and their results are translated into Kroner, which is outside the Euro zone and is much stronger than the Euro. So that hasn`t helped them. The other currency effect is that they`re having to buy in dollars and sell in Euros for a lot of their markets, which can`t be very good news. I think, so far, that hasn`t really come through in the P&L because of forward exchange cover. They are having some problems and, at the moment, I think they`ve got a 29% inventory increase year on year at the end of Q2 with a sales increase in the second quarter of about 7%, so they`ve got far too much inventory, which is going to have to be cleared in Q3. There is some issue because they buy a big amount of their product in the Far East for cost reasons. There is an issue about their flexibility to change their autumn/winter range to reflect some of the issues that they`ve had with the spring/summer ranges. That combination is not great news. I think my more strategic issue with Hennes is the balance of their expansion program, which I believe, has increased the risk. The point I think with this is that Hennes has typically expanded by going into adjacent regions to its existing trading regions, and it`s more of a North European retailer. You tend to find there are three product areas in Europe for fashion. There`s North Europe; for the Latin stroke, South Europe; and then to the East, it is somewhat less advanced, shall we say. Hennes has been typically a North European retailer. Its biggest market is Germany where a third of its turnover originates and where it probably gets over 40% of its EBIDT. They are now slowing down in Germany. It looks like comp store sales in the last quarter were down between 3% and 5%. It may be just a seasonal thing because of the product and that might come back. But the issue is that if you look at the two big trading areas of Scandinavia and Germany, Germany`s got very high EBIDT margins. Scandinavia`s got no opening program anymore, so it actually throws off cash in the same way as Germany does. The cash flows in those two areas have been used to finance expansion into new territories. At the moment, they`re expanding into principally three new territories. They`ve been in the UK for a long time. The main territories they`re expanding into are France and Spain. In France they started a couple of years ago. In Spain they started last year, and then there`s the US. They`re into three new territories, which is sort of historically quite a big amount of new territories for them. Two of those territories are Latin, Southern European sort of territories. Consequently, there is some debate as to whether the product offer will be acceptable there. The third territory that they`re in, the USA, I think has market characteristics that are very demanding anyway. I think there are signs being thrown off by the store on Fifth Avenue. I actually think it`s quite a bad store, having been in it. I think that the real issue is that I would have thought it would be much more sensible to try to establish the acceptability of the brand more widely before committing to a 75-store opening program over three years. The cash generating part of the business is slowing down quite a lot. The cash absorbing part of the business was already in quite an aggressive condition, and now it`s being made more aggressive. I think that the US market is very, very much more demanding than the European markets. If you look at the concentration of competition in Germany versus the USA, I mean in Germany 40% of the German clothing market is still run by independents, mom and pop shops, whereas 20% of the US market is run by Wal-Mart, K-Mart, and Target. The markets could not be more fundamentally different, I think. So, why is it that they feel that they are going to be so successful?


They are saying the sales densities have exceeded their wildest expectations on the stores that they`ve opened so far. If you look at sales densities of people like the GAP in the US, they`re doing about $700 a square foot a year. Hennes in New York so far has been doing about $1,800 to $1,900 a square foot and those are big figures, but the store is on Fifth Avenue and they must probably be paying $500 a square foot in rent. Why is it that Hennes & Mauritz should appear to achieve such a superior sales density to GAP across a very wide area of the US?

I don`t think it will. If you look at Hennes in Europe, they`re only achieving about $500 to $600 a square foot, which I think is what they`re more likely to normalize to in the US. I think with the signs they`ve taken from the first store, they`re being much, much too optimistic.

Also: ist immer noch nicht auf meiner Empfehlungsliste.

Grüße Andy" target="_blank" rel="nofollow ugc noopener">http://uk.biz.yahoo.com/000822/114/agvsr.html

TWST: To get back to Hennes & Mauritz, which just opened a store here in New York. As you mentioned expansion being one way to deal with the over-capacity issue, do you think that is a workable strategy for them?

Mr. Shiret: I`m a seller of Hennes & Mauritz. I`ve got a share price target of 100 Kroner against a current share price of 181 Kroner. Essentially, the problem is that Hennes has had two bad seasons in Europe and estimates have come down. They`re being affected by currency hits as 60% of their sales are in Euro land, and their results are translated into Kroner, which is outside the Euro zone and is much stronger than the Euro. So that hasn`t helped them. The other currency effect is that they`re having to buy in dollars and sell in Euros for a lot of their markets, which can`t be very good news. I think, so far, that hasn`t really come through in the P&L because of forward exchange cover. They are having some problems and, at the moment, I think they`ve got a 29% inventory increase year on year at the end of Q2 with a sales increase in the second quarter of about 7%, so they`ve got far too much inventory, which is going to have to be cleared in Q3. There is some issue because they buy a big amount of their product in the Far East for cost reasons. There is an issue about their flexibility to change their autumn/winter range to reflect some of the issues that they`ve had with the spring/summer ranges. That combination is not great news. I think my more strategic issue with Hennes is the balance of their expansion program, which I believe, has increased the risk. The point I think with this is that Hennes has typically expanded by going into adjacent regions to its existing trading regions, and it`s more of a North European retailer. You tend to find there are three product areas in Europe for fashion. There`s North Europe; for the Latin stroke, South Europe; and then to the East, it is somewhat less advanced, shall we say. Hennes has been typically a North European retailer. Its biggest market is Germany where a third of its turnover originates and where it probably gets over 40% of its EBIDT. They are now slowing down in Germany. It looks like comp store sales in the last quarter were down between 3% and 5%. It may be just a seasonal thing because of the product and that might come back. But the issue is that if you look at the two big trading areas of Scandinavia and Germany, Germany`s got very high EBIDT margins. Scandinavia`s got no opening program anymore, so it actually throws off cash in the same way as Germany does. The cash flows in those two areas have been used to finance expansion into new territories. At the moment, they`re expanding into principally three new territories. They`ve been in the UK for a long time. The main territories they`re expanding into are France and Spain. In France they started a couple of years ago. In Spain they started last year, and then there`s the US. They`re into three new territories, which is sort of historically quite a big amount of new territories for them. Two of those territories are Latin, Southern European sort of territories. Consequently, there is some debate as to whether the product offer will be acceptable there. The third territory that they`re in, the USA, I think has market characteristics that are very demanding anyway. I think there are signs being thrown off by the store on Fifth Avenue. I actually think it`s quite a bad store, having been in it. I think that the real issue is that I would have thought it would be much more sensible to try to establish the acceptability of the brand more widely before committing to a 75-store opening program over three years. The cash generating part of the business is slowing down quite a lot. The cash absorbing part of the business was already in quite an aggressive condition, and now it`s being made more aggressive. I think that the US market is very, very much more demanding than the European markets. If you look at the concentration of competition in Germany versus the USA, I mean in Germany 40% of the German clothing market is still run by independents, mom and pop shops, whereas 20% of the US market is run by Wal-Mart, K-Mart, and Target. The markets could not be more fundamentally different, I think. So, why is it that they feel that they are going to be so successful?


They are saying the sales densities have exceeded their wildest expectations on the stores that they`ve opened so far. If you look at sales densities of people like the GAP in the US, they`re doing about $700 a square foot a year. Hennes in New York so far has been doing about $1,800 to $1,900 a square foot and those are big figures, but the store is on Fifth Avenue and they must probably be paying $500 a square foot in rent. Why is it that Hennes & Mauritz should appear to achieve such a superior sales density to GAP across a very wide area of the US?

I don`t think it will. If you look at Hennes in Europe, they`re only achieving about $500 to $600 a square foot, which I think is what they`re more likely to normalize to in the US. I think with the signs they`ve taken from the first store, they`re being much, much too optimistic.

Also: ist immer noch nicht auf meiner Empfehlungsliste.

Grüße Andy

[HAPPYFEW]

Meine Performanceanalyse gibt hier eine ganz eindeutige Antwort: Platz 151 und damit absolut kein Kauf. Ich bin im Gegenteil trotz des niedrigen Niveaus noch ausgestiegen.

Wer jetzt einsteigt oder die Aktie weiter im Depot behält, setzt darauf, dass die Unterstützungslinie bei ca. 20 Euro, die sich seit Ende Juni ausgebildet hat, nun wirklich hält. Dann bleibt jedoch die Frage, wann der Wiederanstieg der Aktie einsetzen wird. Wir bewegen uns seit nun schon fast zwei Monate in der Gegend des besagten Niveaus. In einem solch relativ langen Zeitraum ist mit stärkeren (soliden) Werten mit hoher Wahrscheinlichkeit mehr zu verdienen.


Dr. Martin Stahn

WWW.WACHSTUMSAKTIEN.DE

THE HAPPY FEW - Performanceanalysen für Wachstumsaktien

[tommek]

wurde von den Analysten vergessen. Ihr werdet sehen in den nächsten 4 wochen 20% +.

[Goldgeist]

Hi,
habe seit sechs Monaten nichts mehr gekauft und war froh über jede Nicht-Techno-Aktie, die ich hatte. Wie wärs mit dieser?

Donnerstag, 21.06.2001, 17:20
AKTIE IM FOKUS: H&M-Aktienkurs beflügelt - Quartalszahlen besser als erwartet
FRANKFURT (dpa-AFX) - Die Aktie des schwedischen Bekleidungskonzerns Hennes & Mauritz AB (H&M) hat am Donnerstag von der Vorlage der Bilanzzahlen profitiert und deutlich fester tendiert. Der Gewinn vor Steuern im zweiten Quartal habe mit einem Anstieg von 37% auf 1,561 Mrd. Schwedische Kronen die Erwartungen übertroffen, sagten Analysten am Donnerstag. Der Titel legte bis 16.11 Uhr um 18,84 Prozent auf 20,50 Euro zu. Gleichzeitig stieg das Schwedische Marktbarometer OMX um 0,71 Prozent auf 845,73 Punkte.

Die einzige Frage betreffe das Geschäft in Frankreich. Die anderen Zahlen seien hingegen gut, sagte ein Analyst von Enskilda Securities. Auch das Gewinnwachstum sei sehr stark. Die Lagerbestände und die Kosten für die neuen Märkte in den USA seien mit 50 Mio. Schwedischen Kronen geringer als erwartet, hieß es. Der Kurssprung habe die technische Lage verbessert, sagte Achim Matzke, Analyst bei Commerzbank Asset Securities. Allerdings bewege sich der Titel nach wie vor in einer einjährigen Seitwärtsbewegung. Der Widerstand für einen Anstieg liege unverändert bei 24 bis 25 Euro. Dieser müsse für einen nachhaltigen Anstieg überwunden werden. Am 22. März des vergangenen Jahres hatte der Titel noch bei 40,70 Euro notiert./FX/jh/mh/af

[e-mail]

Name Aktuell Ten. Diff. (%) Kurszeit
Hennes & Mauritz B 187,00 +16,88% 21.06., 19:35
H & M HENNES & MAUR... 20,30 +17,68% 21.06., 19:02
OMX Stock Index 845,34 +0,66% 21.06., 20:20

[Goldgeist]

21.06.2001 Hennes & Mauritz einsteigen Die Telebörse-online

Die Analysten von „Die Telebörse-online“ empfehlen den Einstieg in Hennes & Mauritz (WKN 872318).

Für Hennes & Mauritz, vielen noch gut in Erinnerung durch die Plakatkampagne mit der in Reizwäsche verpackten Claudia Schiffer, scheine die aggressive Expansionsstrategie aufzugehen. In den ersten sechs Monaten des laufenden Geschäftsjahres sei der Vorsteuergewinn um 18% auf 2,1 Mrd. Kronen ( 229 Mio. Euro) gestiegen. Der Umsatz habe um 24% auf 21,4 Mrd. Kronen ( 2,3 Mrd. Euro) zugelegt.

Diese positive Tendenz habe sich bereits im 1. Quartal angedeutet: der Nettogewinn sei um 15% auf 571 Mio. Kronen gestiegen und der Umsatz um 12% auf 9,63 Mrd. Kronen. Allerdings sei das Geschäftsjahr 2000 durch den weltweiten Ausbau der Filialen (allein 20 seien es in den USA gewesen), die sich abkühlende Konjunktur, außergewöhnlichen Preissenkungen infolge eines verschärften Wettbewerbs und Margendruck, belastet gewesen. Der Vorsteuergewinn sei um 760 Mio. Kronen auf 4 Mrd. Kronen (450 Mio. Euro) gesunken.

Mit diesem Ergebnis sei auch der Kurs in den Keller gegangen. Anfang April habe er mit 15 Euro einen Tiefpunkt erreicht. Das jetzige Ergebnis dürfte der Aktie aber wieder auf die Beine helfen, so die Analysten. Das neue Management von H&M habe neben der Expansion auch ein umfangreiches Kostensenkungsprogramm durchgesetzt und die Marktanteile in allen Regionen gesteigert. Weltweit betreibe das Unternehmen 730 Warenhäuser. In der 2. Jahreshälfte sollten 50 weitere hinzukommen.

Anleger sollten mit einem Stop-loss- Kurs bei 16 Euro einsteigen, empfehlen die Analysten von „Die Telebörse-online“.

22.06.2001 Hennes & Mauritz teuer Financial Times Deutschland

Nach Ansicht der Wirtschaftsexperten von der Financial Times Deutschland sind die Aktien der Hennes & Mauritz (WKN 872318) teuer.

Nach dem Kurssprung am Donnerstag von rund siebzehn Prozent bei H&M sei die Aktie teuer. Die positiven Zahlen würden die Kritiker Lügen zu strafen scheinen. Der Gewinnanstieg im ersten Halbjahr habe mit 18 Prozent fast dreimal so hoch gelegen wie die Analysten im Schnitt erwartet hätten. Aber H&M habe von einer Reihe von Sondereffekten profitiert.

Die dürften sich so kaum wiederholen. Im zweiten Quartal habe H&M weltweit 43 neue Geschäfte eröffnet. Allein in den USA habe sich die Zahl der Läden von zehn auf 21 mehr als verdoppelt. Hinzu kämen erhebliche Währungseffekte. Dollar und Euro hätten in den vergangenen Monaten gegenüber der schwedischen Krone stark zugelegt. Das habe zehn Prozentpunkte des Umsatzzuwachses von 31 Prozent im zweiten Quartal ausgemacht. Auf der Kostenseite habe H&M gleichzeitig kräftig gekürzt.

Die Analysten dürften ihre Schätzungen anheben. Aber selbst wenn Umsatz- und Gewinnprognosen um zehn Prozent steigen würden, notiere H&M für 2002 immer noch mit dem dreifachen Umsatz und dem 35-fachen Gewinn. Für einen Bekleidungshändler sei das zu viel. Die US-Kette The Gap sei ähnlich international aufgestellt wie H&M und notiere mit dem 26-fachen des fürs kommende Geschäftsjahr erwarteten Gewinns.

In der hohen Bewertung von H&M stecke die Hoffnung, dass das Unternehmen weiter so rasant expandiert wie in den vergangenen Jahren. Das aber werde schwer. Bisher sei H&M vor allem in seinen Kernmärkten Schweden und Deutschland stark gewachsen. Hier werde es jetzt nur noch langsam vorangehen, zudem bleibe der deutsche Bekleidungsmarkt schwach. Der US-Markt wiederum sei stärker umkämpft, es gebe mehr große Bekleidungsketten und der Preiswettbewerb sei schärfer. Vor 2003 würden die US-Läden keinen Gewinn abwerfen und selbst dann werde ihr Gewinnbeitrag relativ gesehen zum Umsatz kleiner sein als der in Europa.

H&M hat die Wahl: Das Unternehmen kann sein Expansionstempo drosseln, um die Kosten im Griff zu behalten. Oder es steigert den Umsatz munter weiter, macht sich aber die Gewinnmarge kaputt. Beides ist schlecht für die Aktie.

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