H&M (HNNMY.US) Q3 2026 Earnings Conference Call
Live time: Sep 24, 2026 10:59
H&M (HNNMY.US) Q3 2026 Earnings Conference Call
Live time: 09/24/2026 10:59:00
H&M（HNNMY.US）2026 年第三季度业绩电话会
Summary
00:00
Opening Remarks by Moderator
The moderator welcomes participants to the H&M group Q3 2026 earnings call and explains the agenda. Attendees are informed about the Q&A procedure after the presentations.
00:47
Investor Relations Head Jose Wahlberg Introduction
Jose Wahlberg, Head of Investor Relations, introduces the agenda. CEO Daniel Ekdahl will provide a summary of Q3 performance and progress, followed by CFO Adam Karlsson’s financial overview and an outlook by Daniel. A Q&A session will follow with all three leaders participating.
01:29
CEO Daniel Ekdahl Q3 Business Overview
CEO Daniel Ekdahl highlights strong Q3 2026 performance, achieving a 10.6% operating profit margin, including a 1.6% positive impact from reduced tariffs. Operating profit margin now stands at 9% on a rolling 12-month basis, compared to 7.2% last year. Local currency net sales grew by 1% despite logistics disruptions.
02:39
CEO Daniel Ekdahl on Strategic Focus
Daniel outlines H&M's strategic focus on product, experience, and brand, supported by enhancements in procurement, faster decision-making, seasonal purchasing, and data-driven operations to increase flexibility and accuracy.
04:35
CEO Daniel Ekdahl on Omnichannel and Innovations
Daniel emphasizes H&M’s continued investments in its omnichannel platform by upgrading stores, expanding RFID technology, and introducing self-checkout systems. Efforts to optimize store performance and provide enhanced customer experiences are ongoing, alongside digital content marketing to engage with broader audiences.
07:40
CFO Adam Karlsson Financial Performance
CFO Adam Karlsson reports positive Q3 2026 financial outcomes with a 1% sales growth in local currency globally, a 3% increase in net sales for portfolio brands, and a 54% gross margin including a 1.6% positive one-off impact from tariffs.
11:21
CFO Adam Karlsson Financial Outlook
Adam highlights anticipated Q4 external challenges including increased transportation costs and higher markdown levels due to delays in inventory delivery. Q4 inventory levels are expected to be impacted by these delays and cautious purchasing strategies.
13:05
CEO Daniel Ekdahl Strategic Vision
Daniel reiterates H&M’s long-term strategy to strengthen supply chains, invest in data-driven decision-making, and deliver personalized experiences to customers. He expresses confidence in the ongoing efforts to create a more responsive, resilient, and customer-focused organization.
14:08
Q&A Session Begins — Hosted by Josef
The Q&A session begins with a request for participants to introduce themselves and pose questions one at a time, with a maximum of two questions per participant.
15:45
ERP Investment and SG&A Expectations — Analyst: Magnus Raman (SV1 Markets)
CFO Adam emphasizes SG&A will grow at a low single-digit rate, with ERP investment continuing through 2027 and 2028. He highlights that ERP-related costs may modestly affect SG&A expenses in the coming years.
17:24
Supply Chain Disruptions and European Logistics — Analyst: Magnus Raman (SV1 Markets)
CEO Daniel explains supply chain disruptions, including shipping and air freight delays due to geopolitical tensions. He elaborates on European logistics challenges linked to the closure of a Belgian warehouse and its operational impact on Southern Europe.
19:18
Store Optimization and Q3 Results — Analyst: Daniel Schmidt (Danske Bank)
H&M's optimization efforts led to slightly positive impacts on Q3 results, despite earlier challenges. Local sales were influenced by new store openings, closures, and renovations, with positive expectations for Q4.
29:42
Impact of Tariff Refunds on Margins — Analyst: Richard Chamberlain (RBC)
CFO Adam confirms no further adjustments related to past tariff refunds and notes the 160 bps positive impact on Q3 2026 margins. The impact of tariff adjustments on the company's financials has concluded.
35:35
CEO Daniel Ekdahl Closing Remarks
CEO Daniel concludes the call, reflecting on a strong Q3 performance with improved profitability and sales growth. He emphasizes H&M's long-term strategic focus and the role of the global team in creating customer and shareholder value.
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