IKEA annual sales slump 5% on weak housing market as company commits to price cuts

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Corporate Earnings,Housing,Ikea

The Swedish home decor retailer has slashed prices and committed itself to making more price cuts in the future in an effort to win back cash-strapped customers.

IKEA annual sales slumped 5% as consumers pull back on furniture purchases amid a weak housing market, according to an

IKEA started cutting prices after seeing a drop in store visits and sold quantities. The more affordable prices improved store traffic and the amount of products sold, Brodin said.TD Bank fined $3B for failing to prevent money laundering by drug cartels“We are in times when dreams and needs for a better life at home are greater than ever,” Brodin said in a statement.

 

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