Ikea hikes price of goods af­ter slump in ster­ling

Belfast Telegraph - - BUSINESS - BY BEN WOODS

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.”

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