Published: November 28, 2018
Overhaul at flat-pack furniture firm knocks 36% off pre-tax profits in year to 31 August
Ikea’s profits have fallen by more than a third as the world’s biggest furnishing retailer invests in improving its online business and tests smaller city-centre stores.
Ingka, the holding company that runs the vast majority of Ikea stores, said pre-tax profits for its main operations were down 36% to €2.1bn (£1.8bn) and sales rose 2% to €37bn in the year to 31 August. Retail sales rose 4.7% in constant currency as the company opened 12 stores, including its first in India, alongside a 45% jump in online trade.
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