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BUSINESS

Upward swing for Swedish entrepreneurs

The number of company start-ups around Sweden rose significantly in September, up 18 percent in comparison with the same month of last year.

Upward swing for Swedish entrepreneurs

The increase is the first sign of an upward trend for new businesses for more than 12 months. So far this year a continuing downward spiral saw the number of new business start ups sink by 13,5 percent.

Statistics from the Swedish Companies Registration Office (Bolagsverket) show that 5,736 companies were set up in September, in comparison to 4,843 in the corresponding month of last year.

The most active entrepreneurs were to be found in Gävleborg, which saw a rise of 67 percent in the establishment of new companies, followed by Uppsala (37 percent) and Dalarna (34 percent).

Visma Spcs, which provides advice to new business owners, compiled the figures along with Bolagsverket.

”This is a really positive development,” managing director Rolf Dahlberg says.

”But there are still far too few new companies. But with the right support and inspiration, more will want and dare to start their own business.”

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BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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