Many were curious about Ikea's annual results after the world's largest furniture chain announced a reorganisation last week that entails the loss of 7,500 jobs. The company said it was on track to produce as much energy from renewable sources as consumed in its operations by next year. Ingka Group, Ikea's most important franchiser, runs 367 stores and has grown by 5% in the past financial year. Ikea will soon launch a remarkable international campaign called 'BuyBackFriday'. Inter IKEA Group performance Retail sales growth means positive results for Inter IKEA Group, which includes the IKEA franchisor, range, supply and certain industry activities. We are investing like never before.”. "It’s a conscious decision to lower the profit to finance the business transformation (and) we expect to keep the same level of profit for the next three years.”, For now, Ingka Group will be able to finance the investments independently: the group still has 21 billion euros in the balance sheet, which the CFO calls a good financial muscle. RetailDetailMailing address Operational profit however fell by 25% and net profit even plunged down by over 40%, from 2.47 billion euros last year to 1.47 billion now, as Ikea invested almost 2.8 billion euros. The look on your faces tells me all I need to know!’, Harry Styles — ‘It’s about bringing more music to Manchester’, How our cities changed when the tourists stopped coming, Did you bring your PJs? Stadsfeestzaal – Meir 78 Maeztu said: “We want to be a part of creating solutions for the challenges our planet is facing, and we are taking bold steps securing our ambition to become climate positive by 2030. Gross profit of IKEA worldwide 2009-2019 Published by Statista Research Department, Sep 28, 2020 This timeline depicts the gross profit of IKEA worldwide from 2009 to 2019. Ikea’s profits have fallen nearly 10% as the world’s largest furniture retailer stepped up its spending on renewable energy and its growing online operation. This led to increased wholesale income and franchise fees for Inter IKEA Group. Ingka Group, the new corporate name for Ikea’s main retail arm, said net profit dropped to €1.47bn in the financial year to the end of August, down from €2.47bn in the previous year. In 2019, IKEA's profits fell by 10% as it increased its spending on renewable energy and made new investments in its online operation. T: +32 3 500 89 59 Ikea is still a home goods sales giant: Globally, Ikea had retail sales of 41.3 billion euros or about $45.5 billion in its 2019 fiscal year (Sept. 1, 2018, through Aug. 31). “We will continue to test and try new things. Pretax profits for the business, which also includes an investment arm and TaskRabbit, the odd-job gig economy app, rose 19% to €2.5bn as a result of a surge in income from financial investments. Will the ECB signal a step up in bond buying is on the horizon? Franklin Templeton suffers heavy outflows ahead of Legg Mason deal, Boohoo becomes a battleground for investors, Don’t be blind to China’s rise in a changing world, Now would be a crazy time for banks to resume dividends, Hurrah for the companies giving staff more time off, The hidden skills gaps employers must learn to bridge, What I wish I’d known at the start of the pandemic, Steve Vamos: ‘The toughest choices are between bad and badder’, ‘So — do you love the rebrand? RetailDetail, the leading b2b-retailcommunity in the Benelux, keeps retail professionals up-to-date by means of online & offline publications, retail events, inspiring retail hunts and the unique co-creation platform retailhub, where retailers and their suppliers can experience the future of shopping. "We have been operating for 75 years with the same business model", he says. It gives customers the opportunity to exchange their old Ikea furniture for vouchers. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Critics see it as a publicity stunt. Inter IKEA Group’s financial performance was stable in FY19. But Ingka, which is one of 12 franchise groups that operate under deals with the brand’s owner, Inter IKEA Systems, has also invested in wind and solar power, which it says will keep costs down longer term. Kolveniersstraat 7, bus 26 Last year, the group said it was cutting 7,500 office jobs worldwide, including 350 in the UK, to focus on improving its online operation and city-centre format. Ingka Group, Ikea's most important franchiser, runs 367 stores and has grown by 5% in the past financial year. In 2019, the global revenue generated by the IKEA Group amounted to 41.3 billion euros. The management referred to the enormous transformation that awaits Ikea as a result of rising online competition and changing consumer behaviour. Receive our free newsletters and do not miss out on the latest retail news. He said the financial performance for this financial year is in line with plans. It is even clearer that financial performance and sustainability go hand in hand, and for us this is how we will grow, stay relevant and remain profitable, long term.”. Then $67.00 per month.New customers onlyCancel anytime during your trial, Try full digital access and see why over 1 million readers subscribe to the FT, FT print edition delivered Monday - Saturday along with ePaper access, Premium FT.com access for multiple users, with integrations & admin tools, Ikea profits plunge 40% as strategic overhaul costs bite, Purchase a Trial subscription for $1.00 for 4 weeks, You will be billed $67.00 per month after the trial ends, Purchase a Digital subscription for $7.10 per week, You will be billed $39.50 per month after the trial ends, Purchase a Print subscription for $3.83 per week, You will be billed $16.59 per month after the trial ends, Purchase a Team or Enterprise subscription for per week, You will be billed per month after the trial ends, Concerns grow inside Downing Street as polls point to Biden victory, Pandemic makes world’s billionaires — and their advisers — richer, Italy and Spain introduce sweeping new pandemic measures, Covid surge hangs over US election in closing days, Rightwing poll ‘watchers’ plan to police US election, US chokehold pushes China chip self-sufficiency up the agenda, The world must prepare for a contested US election, Private jets take off as wealthy flyers seek to avoid virus, Cenovus snares Li Ka-shing’s Husky Energy in $7.8bn deal, Chris Hohn blasts BlackRock and Vanguard over climate change, Banks look to debt collectors to recover bounce back loans, Dunkin’ closes in on $9bn sale to Inspire Brands, Coronavirus latest: Norway tightens restrictions despite low infection rate, What the shift on austerity means for markets. 2000 Antwerp IKEA was founded in Sweden in 1943 by 17-year-old Ingvar Kamprad. Nevertheless, this is a strong performance according to the furniture chain. Operational profit however fell by 25% and net profit even plunged down by over 40%, from 2.47 billion euros last year to 1.47 billion now, as Ikea invested almost 2.8 billion euros. All rights reserved. Ikea to buy back unwanted furniture for up to half original price, Ikea to reopen 19 stores during UK lockdown, Ikea France to face trial over claims it spied on staff and customers, Ikea to close first big UK store, putting 350 jobs at risk, Ikea buys west London shopping mall in city centre push, Ikea steps up drive to become carbon neutral with extra €200m, Ikea gets green light to build affordable homes in UK, Ikea to sell refurbished furniture to boost culture of recycling. 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