Ikea doubles UK earnings to £111m as customers snap up low-cost furnishings

Sales up: Ikea stated earnings soared to £111m over the 12 months to the top of August, from £49.6m the 12 months earlier than

Ikea greater than doubled its earnings within the UK final 12 months as cash-strapped customers seemed to purchase low-cost furnishings.

The Swedish big stated earnings soared to £111 m over the 12 months to the top of August, from £49.6million the 12 months earlier than.

Sales elevated 12 per cent to £2.46billion, with its on-line orders choosing up by 24 per cent.

Visits to its shops had been up by 2.2 per cent and its UK boss stated the corporate hoped to open new shops in Britain within the years forward.

The enterprise is gearing as much as open a flagship retailer on the former Topshop website on London’s Oxford Street within the autumn.

Peter Jelkeby, the chief government of Ikea UK and Ireland, stated: ‘Despite a difficult economic climate, our focus remains on new locations, new store formats, and in new services.

‘Having overcome challenges posed by Brexit and Covid, we have since focused on creating a more efficient organisation and improving our profitability, which gives us the financial strength to continue investing for generations to come.’

It operates 22 shops within the UK.