Executive Summary

• H&M reported total sales rose by 8% year over year in local currencies in January 2017. This compares to sales growth of 6% in December. January sales were negatively impacted by 2% due to a calendar impact.
• The total number of stores grew by 10.7% year over year to 4,380, as of January 31.
• Sales growth lagged store growth by 266 basis points in January, contracting from the 466-bps difference in December.