Ikea reveals Brexit price impacts

Swedish retailer Ikea has increased prices on some UK products after being confronted by higher import costs following sterling’s slump since the Brexit vote.

While it said it had tried to shield consumers, the flatpack furniture firm boosted price tags 3.6% in some areas to counter a 13.7% jump in the cost of imports.

Ikea unveiled the Brexit impact as it gave an update on its UK performance, with total sales rising 6% to £1.8 billion in 2017. Online sales are up 10% since it launched its web store last year. The retailer said its share of the market had increased by 0.5%, bringing it closer to an overall target of 15% market share by 2027.

Ikea has 20 stores across the UK, employing 10,900 people.