IKEA Retailer's Net Profit Drops
This is a news story, published by Yahoo Finance, that relates primarily to Ingka Group news.
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largest IKEA franchiseeReuters
•Biggest IKEA retailer takes profit hit as price cuts dent sales
80% Informative
Ingka Group reported net profit of 800 million euros ( $841.28 million ) for the financial year ending Aug. 31 .
Revenues were down 5.5% from last year , at 41.8 billion euros, including IKEA retail sales of 39.6 billion euros.
The retailer said it prioritised affordability over profit, investing 2.1 billion euros in lowering prices.
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