Report published September 24, 2026
Hennes & Mauritz: First Take - 3Q26 EBIT in Line Ex-Tariff Refunds | Goldman Sachs Equity Research
Goldman Sachs · September 24, 2026
H&M reported 3Q26 cFX revenue growth of +1% and reported EBIT of SKr 6,037mn, which was broadly in line with consensus at c.SKr 5,122mn when stripping out ~160bps of one-off tariff refunds. Goldman Sachs maintains its Sell rating and SKr 145 price target given sluggish September trading (+1% cFX) and expected markdown headwinds in 4Q26.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.3Q26 EBIT of SKr 6,037mn was in line with consensus (SKr 5,144mn) on an underlying basis at c.SKr 5,122mn after excluding a c.160bps one-off benefit from tariff refunds.
- 2.Current trading in September shows cFX sales up +1%, trailing the 4Q26 consensus expectation of +1.7%, with markdown costs expected to increase in 4Q26 due to calendar timing.
- 3.Inventory levels expanded +9% cFX yoy (+4% in SEK), rising to 17.8% of rolling 12-month sales compared to 16.4% in 3Q25.
Table of Contents
- Exhibit 1: GSe vs Consensus vs Actuals
- Key risks/what would make us more positive:
Report data
Exhibit 1: GSe vs Consensus vs Actuals — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 3Q26 Constant Currency Revenue Growth | 1.0% | H&M reported 3Q26 constant-currency revenue growth, matching consensus. |
| 3Q26 Revenue | 57,189 SEK mn | Revenue up 0.3% yoy in SEK terms. |
| 3Q26 Reported EBIT | 6,037 SEK mn | Reported EBIT including tariff refund one-offs. |
| 3Q26 EBIT excluding one-offs | 5,122 SEK mn | Underlying EBIT excluding tariff refunds, broadly in line with consensus of SKr 5,144mn. |
| 3Q26 Gross Margin | 54.0% | Reported gross margin up 110bps yoy, assisted by 160bps of one-off tariff refunds. |
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