IKEA Reports Sales Drop for Third Straight Year
Swedish furniture retailer IKEA posted a third consecutive year of falling sales and lower net profit as high costs and weak consumer demand weighed on the business. CEO Jakub Jankowski aims to revive growth by expanding city centre locations and lowering prices for budget conscious families.
Sweden-headquartered furniture retailer IKEA posted a third consecutive year of declining sales, falling 2% to €43.8 billion ($49 billion) for the financial year ending August 31. The drop reflects persistent cost pressures stemming from the conflict in Iran and weaker demand from budget-conscious shoppers. Inter IKEA CEO Jakub Jankowski said returning to growth is essential to make home furnishings accessible.
