Thu, 29th January 2009

H&M to create 6 -7,000 new jobs

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

Fourth-quarter profits at H&M were ahead of analysts' expectations. It reported a 14% rise in pre-tax profits to 7.11bn Swedish crowns (1m; £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%.