Ikea posts fall in annual sales after lowering prices
The Peninsula
Stockholm: Ikea reported Thursday that its annual sales fell in value after the world s biggest furniture retailer lowered prices to revive traffic at...
Stockholm: Ikea reported Thursday that its annual sales fell in value after the world's biggest furniture retailer lowered prices to revive traffic at its online and brick-and-mortar stores.
The Swedish company said sales amounted to 45.1 billion euros ($49.3 billion) in its fiscal year ending in August, down 5.3 percent from the previous 12-month period.
"This is mainly due to lower prices. The result was achieved despite a struggling global economy and shrinking home furnishing market," Inter Ikea, the group's main holding, said in a statement.
"However, with Ikea continuously investing in lower prices its market share has increased," the statement added. Ikea announced rare price increases -- averaging nine percent -- in December 2021 as inflation climbed worldwide due to supply chain bottlenecks following the Covid pandemic.
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