H&M has some good news for the job market around the world: it plans to continue with its expansion plans despite operating in a challenging market at the moment. The 2011/12 financial year will see the firm open 275 new stores in various locations across the world. This is despite a drop in profits for the fourth quarter of the current year.

The same period last year saw profits of $1.1 billion for the company, while the fourth quarter this time around saw those profits drop slightly to $997.2 million. However H&M is still in a much stronger position than some retailers. The UK has seen many large name retailers go into administration in recent weeks, but as these figures show, H&M is in no danger of becoming one of them. Many firms found the festive season tough for trading this year. Rents falling due in the early weeks of 2012 have led to some businesses going under, although H&M does not seem to have such concerns.

Sales are up at H&M

According to figures released recently, H&M actually enjoyed a 4% increase in sales in its native Sweden.

However its success in the UK has been remarkable. The majority of the 275 new stores opening will be spread between the UK, the US and also China. H&M has definitely bucked the trend in the UK as far as sales are concerned. The increase in sales was an impressive 19% over the trying 2011 period.

New jobs available at H&M in the UK

A total of 21 new H&M stores were opened in the UK last year, but there could well be more thanks to the ongoing expansion plans by the company. This is undoubtedly good news for those who are looking for work in areas where the company is going to open new stores.

David Lyons MD of online recruitment software firm eBoss , said: “This is positive news to come out of the retail sector. Recruitment conditions in the UK are extremely testing at the moment. H&M is providing an opportunity for some people to find work in this sector of the job market. While it does not solve all the recruitment problems the UK is facing, it is certainly a step in the right direction.”

Hopefully other retailers will also start to buck the trend and achieve similar goals to H&M in the future.