Page last updated at 12:13 GMT, Thursday, 29 January 2009

H&M creates up to 7,000 new jobs

H&M logo
Hennes & Mauritz is expanding around the world

Swedish clothing store H&M has said it plans to create between 6,000 and 7,000 new jobs in 2009.

The company intends to open 225 new stores around the world in the new financial year.

Fourth-quarter profits at H&M beat analysts' expectations. It reported a 14% rise in pre-tax profits to 7.11bn Swedish crowns ($891m; 623m).

Annual profits were up 11% at SEK 21.19bn at the world's third-largest clothing retailer.

However a fall in consumer spending affected December's figures. Sales were up 3%, behind forecasts of a rise of 8.6%.

The company expects sales in January to increase by 8%.

H&M has about 100 stores in the UK and also operates the COS fashion chain.

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