Ikea UK pays out £90m dividend to parent as instore sales soar Retail Ikea reportedly paid out a £90m dividend from its UK business to its parent last year – the first in six years – as the Swedish furniture giant continues to rake in bumper profits. The dividend, reported by The Sunday Times, reflected the £62.4m profit made in 2021, a year interrupted by a series of [...]
Ikea: Sales up 13 per cent despite costs of living and inflation SALES UPTICK Ikea has revealed that sales jumped over the past year due to customers returning to its shops and price increases in the face of cost inflation. The Swedish furniture retailer revealed that total sales grew by 13 per cent to £2.2bn over the year to 31 August, compared with the same period last year. Peter [...]
IKEA owner ‘optimistic’ about future price cuts as input costs ease FLAT PACK The owner of most IKEA stores is eyeing additional price cuts as its cost headwinds have started to let up. While the flat-pack furniture specialist hiked prices earlier this year, Ingka group’s retail manager Tolga Oncu told Reuters that he was “optimistic” the firm would be able to reduce prices even further. The furniture giant [...]
Ikea announces sale in Russia ahead of exit as staff run through store in search of a bargain July 5, 2022 People were seen running through Russian Ikea stores to grab a bargain as the retailer announced it is holding a sale before quitting the country. Footage shared online reportedly showed people sprinting through a store, while the Russian-language site for the Swedish furniture giant reportedly went down under weight of demand. The flat-packing retailer announced [...]
Ikea owner splashes out on £285m for solar parks across Europe April 6, 2022 The owner of Ikea has invested almost £285m across Europe with the purchase of nine solar park projects. Ingka Group has bought solar photovoltaic (PV) parks in Germany and Spain, from developer Enerparc, which have a combined capacity of 440 megawatt. “The expected production will be sufficient to cover all IKEA stores and warehouses in [...]
Pop-up firm Sook tops £1m sales as Instagram businesses dabble with bricks-and-mortar retail April 1, 2022 Pop-up retail company Sook has hit £1m sales, with CEO John Hoyle telling CityA.M. an “explosion” of social media brands are looking for flexible spaces. Speaking to CityA.M., Hoyle said small businesses who use TikTok and Instagram are increasingly keen to venture into physical retail on a flexible basis. The company has seven spaces in [...]
Ikea to close Tottenham store in £1bn plans to speed up home deliveries in London March 30, 2022 Ikea has revealed it will be shutting shop at its Tottenham store, with some 450 employees set to be impacted. However, Ikea said it has plans to retain as many individuals as possible. It is also planning to create some 600 vacancies in the capital before the store shuts. The North London store will remain open [...]
IKEA to inject £1bn into London over the next three years February 24, 2022 IKEA is set to inject £1bn into London over the next three years, as it opens the doors to its first small store in Hammersmith. The Swedish furniture retailer, known for its large warehouse stores, is looking to branch out into city centres with a smaller, more accessible offering. The West London store, a quarter [...]
Ikea hikes prices by 10 per cent as supply chain woes continue December 30, 2021 Ikea confirmed this morning that it has boosted the average price of products in its UK stores by 10 per cent, as supply chain issues continue to disrupt its operations.
Ikea price rise warning as furniture giant hit by material costs November 3, 2021 Ikea’s owner has warned of spiralling profits and price hikes because of supply chain disruption. Higher raw material costs have contributed to the furniture giant forecasting its profits are set to fall for two successive years. Net profit in the year to the end of August fell 17 per cent to €1.4bn at Inter Ikea [...]