Ikea hikes price of goods after slump in sterling
SWEDISH retailer Ikea has increased prices on some UK products after facing higher import costs following sterling’s slump since the Brexit vote.
While it tried to shield consumers, the flatpack furniture firm — which has one store in Northern Ireland — still boosted price tags by 3.6% in some areas to counter a 13.7% jump in costs.
Ikea unveiled the Brexit impact as it gave an update on its UK performance, with total sales rising 6% to £1.8bn in 2017.
The retailer, which has a store at Belfast’s Holywood Exchange, said its market share had increased by 0.5%, bringing it closer to a target of 15% by 2027.
Gillian Drakeford, country retail manager for Ikea UK and Ireland, said: “Despite a level of economic uncertainty, our brand is even more relevant and we continue our efforts to bring affordable, well-designed home furnishing solutions to the UK.”