Sales up: Ikea said profits soared to £111m over the 12 months to the end of August, from £49.6m the year before
Ikea more than doubled its profits in the UK last year as cash-strapped shoppers looked to buy cheap furniture.
The Swedish giant said profits soared to £111 m over the 12 months to the end of August, from £49.6million the year before.
Sales increased 12 per cent to £2.46billion, with its online orders picking up by 24 per cent.
Visits to its stores were up by 2.2 per cent and its UK boss said the company hoped to open new stores in Britain in the years ahead.
The business is gearing up to open a flagship store at the former Topshop site on London’s Oxford Street in the autumn.
Peter Jelkeby, the chief executive of Ikea UK and Ireland, said: ‘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 stores in the UK.
