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IKEA prices to drop as brand sees profit double

Livemint · 1y

Inter IKEA, the owner of the furniture brand IKEA, reported a doubling of its annual profit as cost pressures eased. The company's pretax profit reached 1.95 billion euros ($2.07 billion) in the year through August, compared to 931 million euros the previous year. This allows Inter IKEA to cut prices, with the expectation of further reductions in the future. The company aims to retain new customers gained during the pandemic and draw back others with price cuts. IKEA's annual sales increased by 6.6% to reach 47.6 billion euros.