IKEA prices to drop as brand sees profit double, CFO says ‘customers in stores…’

Inter IKEA's annual profit more than doubled as cost pressures eased, the owner of the world's biggest furniture brand said on Friday, allowing it to cut prices and predict more reductions in the months ahead. "Costs trending downwards should positively affect prices for IKEA customers in the coming year and beyond," it said in a statement. While Inter IKEA started lowering prices to its franchisees in the last four months of its financial year, it would take some time before customers in stores would feel the full effect of the decreases, van Dam said. But while Inter IKEA has offset higher costs by raising prices since the pandemic, the brand has Van Dam said the brand hoped to retain those new shoppers, while price cuts could draw other customers back.