I figured that coupons for H&M are kind of infrequent that this was worth posting. This deal is confirmed for New York City only (but maybe regional newspapers may also be running the coupon advertising as well).
H&M 40% off coupon on page 5 of the free AMNY newspaper, good from 11/12-11/14
Summary of fine print: 40% off a single item, cannot be combined with any other offer, discount, or sale merchandise. Coupon must be surrendered. No good for prior purchases or gift cards.