IKEA is still feeling the effects of its withdrawal from the Russian market. According to Bloomberg, the retailer’s revenue fell by 0.7% to €43.8 billion, while Inter IKEA Group’s operating profit dropped by 15% to €1.46 billion. The company attributed these results to challenging market conditions and an overall decline in consumer demand.
To cut costs, IKEA laid off 850 employees while continuing to lower product prices. In September, the company and its retail partners also allocated around €1.2 billion to promotions and sales support.
To cut costs, IKEA laid off 850 employees while continuing to lower product prices. In September, the company and its retail partners also allocated around €1.2 billion to promotions and sales support.
