Ikea re­veals Brexit price im­pacts

The Courier & Advertiser (Fife Edition) - - BUSINESS -

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.

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