H&M (STO: HM-B) Monthly Sales Update: Improving, But March Sales Still Soft

Executive Summary

• H&M reported total sales rose by 6% year over year in local currencies in March 2017. This compares to year-over-year sales growth of 3% in February.
• The total number of stores grew by 10.7% year over year to 4,426, as of March 31.
• Sales growth lagged store growth by 473 basis points in March, contracting from the 766-bps difference in February.