Absorbing more than €1bn of costs over the past two fiscal years was not enough, says CEO
Ikea, the flat-pack furniture giant, said it had no choice but to push up prices in 2022 as inflation soared, ending a policy of stability over the past few years.
Inter Ikea absorbed more than €1bn of costs over the past two fiscal years rather than passing them on, “but it just wasn’t enough”, the CEO said. Revenue increased 6.5% to €44.6bn, the company said on Thursday. The current cost-of-living crisis is affecting demand at retailers worldwide as consumers reduce nonessential spending as food, fuel and energy bills mount. Supply shortages of items such as cups and lamps, mainly sourced from Asia, has also held back volume growth.
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