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STOCKHOLM — The owner of most Ikea stores, Ingka, reported on Friday a more than five-fold drop in its annual net profit due to higher interest rates and its exit from Russia.The group said its net profit for the 2022 fiscal year, which ended in August, fell to 287 million euros ($299 million), down from 1.6 billion euros in 2021.The drop was mainly due to rising interest
Despite Ikea hitting another sales record, the uplift was mostly driven by price increases as the volume of goods sold was flat amid low availability following supply-chain problems.
The Swedish furniture giant closed its 17 shops and paused production in the country, where it was one of the largest Western employers before the war with 15,000 employees.
Swedish furniture giant Ikea posted a six percent rise in full-year sales on Thursday, in what it described as a "challenging" year due to inflation and scaling back in Russia.
'Challenging' year for Ikea, 10,000 layoffs in Russia