Ikea UK profits fall by almost a fifth despite 12% increase in sales

Ikea’s profits have fallen by almost a fifth in the UK despite a 12% increase in sales amid the impact of soaring costs, as the company said it could not rule out further price increases in the new year.

The world’s largest furniture retailer said sales had benefited as shoppers returned to stores in the year to 31 August, while online takings dropped to 35% of annual sales, compared with 45% a year earlier when pandemic restrictions drove up internet shopping.

The Swedish retailer fared well as shoppers continued to seek out more kit for working from home, while the reopening of stores led to more ad hoc purchases.

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