IKEA issues update to shoppers on furniture prices in all UK stores

manchestereveningnews.co.uk:

IKEA has vowed to pass savings onto customers as it moved to cut prices over the next year. The furniture company said it has a "clear intention" to reduce prices this financial year which ends in August 2024.

It comes after the business announced an 11.9 per cent rise in turnover in the last financial year to the tune of £2.5 billion.

Parent company Ingka Group saw sales rise 5.7 per cent to 41.7 billion euros (£36 billion). IKEA highlighted that 38.5 per cent of its UK sales were made online, a rise from 35.8 per cent in the year prior. Read more: Ofgem energy bill warning to all UK households as it considers hiking price cap Read more: DWP five day warning over £150 fuel bill discount launch “Despite economic and geopolitical instabilities, we remain committed to making a positive difference in our customers’ lives; especially for those with the thinnest wallets,” said UK and Ireland chief executive Peter Jelkeby. “Knowing that our customers continue to navigate a cost-of-living crisis, we absorbed significant cost increases to mitigate price rises as much as possible, investing in promotions, special offers, and, for the first time, an Easter sale. “As we see supply chain costs start to ease, we have a clear commitment to lowering prices accordingly – ensuring we remain firmly on the side of the many people.” Mr Jelkeby added: "Over the past 80 years, we have developed our offering, value chain and sales channels, supporting our vision to create a better everyday life for the many people.

As we look back on the last year and forward to the next 80, we constantly ask ourselves, how what we do today can be done better tomorrow. “Over the past year, we have made significant investments on this journey to