纺织服饰行业全球观察之henns、mauzabfy2026Q1：收入基本持平，利润强劲增长

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [35]. Core Insights - H&M reported FY2026Q1 revenue of 49.607 billion Swedish Krona, a year-on-year decrease of 1% after strong sales during last November's Black Friday, with a stronger Swedish Krona impacting net sales [3]. - Net profit for FY2026Q1 reached 0.704 billion Swedish Krona, reflecting a year-on-year growth of 21.59%, surpassing Bloomberg's forecast of 0.696 billion Swedish Krona [3]. - The gross margin for FY2026Q1 was 50.67%, an increase of 1.57 percentage points year-on-year, attributed to supply chain improvements and reduced procurement costs [3]. - The company plans to open approximately 80 new stores and close about 160 stores in 2026, with new openings focused on growth markets, which is expected to positively impact annual revenue [3]. Summary by Sections Financial Performance - Revenue for FY2026Q1 was 49.607 billion Swedish Krona, down 1% year-on-year after strong prior year sales [3]. - Net profit was 0.704 billion Swedish Krona, up 21.59% year-on-year, exceeding expectations [3]. - Gross margin improved to 50.67%, a rise of 1.57 percentage points year-on-year [3]. - Operating profit margin increased to 3.05%, up 0.87 percentage points year-on-year [3]. Regional Performance - Revenue in the Nordic region was 4.473 billion Swedish Krona, stable year-on-year [3]. - Western Europe saw revenue of 16.557 billion Swedish Krona, down 1% year-on-year [3]. - Southern Europe reported a revenue increase of 3% to 6.837 billion Swedish Krona [3]. - North America and South America experienced a 3% decline in revenue to 11.172 billion Swedish Krona [3]. Store Operations - As of February 2026, the total number of stores was 4,050, a decrease of 163 stores year-on-year [3]. - H&M stores numbered 3,616, down 126 year-on-year, while COS stores increased by 8 to 247 [3]. Balance Sheet - Cash and cash equivalents at the end of FY2026Q1 were 18.733 billion Swedish Krona, up 13% year-on-year [3]. - Inventory decreased by 5% year-on-year to 34.608 billion Swedish Krona [3]. Operational Metrics - Accounts receivable turnover days increased to 9.08 days, up 2.18 days year-on-year [3]. - Inventory turnover days decreased to 128.80 days, down 1.19 days year-on-year [3].