Sweden Archive

Ikea Shanghai to elderly, lonely Chinese people: buy something or get out

Turns out that when your giant, tax-dodging global furniture enterprise pitches itself as a kind of flat-pack-on-tap public utility, it gets treated like one. In 2006, it was poor Germans who used their local Ikeas as a day-care and soup-kitchen. A decade later, the pensioners of Shanghai are treating it as a social club, where they can “picnic, nap, and read newspapers” …

H&M Third Quarter Earnings Miss Estimates on Discounts

STOCKHOLM, Sweden  — Hennes & Mauritz AB reported third-quarter earnings short of analysts’ expectations as the Swedish fashion retailer marked down prices and the strong dollar raised garment costs. Pretax profit fell to 6.3 billion kronor ($730 million) in the three months through August from 6.94 billion kronor a year earlier, the Stockholm-based company said in a statement Friday. That compared with an average 6.37 billion-krona estimate …