H&M profits soared 11 per cent in the year to November 30 hitting SEK21.19bn (£1.85bn).

The Swedish fashion giant said it would create up to 7,000 new jobs in 2009 and has planned 225 store openings.

Sales excluding VAT for the year grew 13 per cent to SEK88.53bn (£7.7bn). Sales in December were up 3 per cent compared to last year and are expected to be up 8 per cent in January.

Sales for H&M were up 15 per cent it its fourth quarter to SEK 26.31bn (£2.29bn), however sales on a comparable basis dropped 3 per cent for the period.

H&M said that its two new Tokyo stores were its most successful ever openings and that it was preparing to open its first store in Beijing this spring.

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