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15.11 - 11:51
Ikea owner warns of price rises as supply chain crisis takes toll
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The prices of Ikea furniture and homeware are to rise as a result of lasting disruption to its supply chain, the brand’s owner has warned, after increased costs of raw materials and transport knocked its full-year profits.
Inter Ikea Group, the parent company of the Ikea brand, which is operated by a string of franchise businesses, said it expected challenges in its supply chain to last well into 2022.
Like many home furnishing retailers, Ikea benefited from soaring demand for its products during successive coronavirus lockdowns as consumers who were confined to their homes decided to spend money on sprucing them up.
Despite this, Inter Ikea Group’s pre-tax profit fell by 16% in the fiscal year to the end of August to €1.7bn (£1.4bn). Profits
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