Executive Summary

• In 4Q18, H&M grew sales including value-added tax (VAT) by 11.9% in its reporting currency, the Swedish krona.
• The company reported constant-currency sales growth of 6.0%, below the consensus estimate of 7.0%.
• The company announced it will report only sales excluding VAT in future interim reports and sales development press releases, starting with its full-year report to be published January 31, 2019.