Ikea

Ikea reports profit rise

Ikea store exterior
Getty Images

Inter Ikea, which owns the flatpack store brand, has reported a 5% rise in annual profits.

The firm is investing heavily in new store formats in a fightback against the shift to online shopping.

The group is a franchisor to store owners, and is also in charge of product development and supply, generating revenues from sales of goods to its franchisee retailers.

Ikea finds key to green sales

Ikea doorway
Ikea

Others may be invoking the challenging retail climate, but Swedish flatpack giant Ikea has reported a rise in UK sales.

The chain says consumers were keen on lunchboxes for preserving leftovers (sales were up by 127%), reusable water bottles (up 55%) and recycling bins (15% increase).

Its UK sales jumped 8% to reach £2.1bn in the year to 31 August, outstripping the 5% rise in group-wide sales.

Ikea's sales climb despite 'transformation'

Ikea store
Getty Images

Flat pack furniture giant Ikea has reported rising global sales despite an overhaul described as one of the "biggest transformations" in its history.

Its global parent Ingka said retail sales climbed 5% to €36.7bn in the year to 31 August.

Online sales soared 46% and now account for around 11% of total revenues.

The group said the performance was achieved despite its revamp under which the group is slashing 7,500 jobs globally, including 350 in the UK.

But it is also creating 11,500 new jobs in the next two years through new openings and investment in delivery and digital operations.

"While going through one of the biggest transformations in our history, we've maintained strong performance across our business, thanks to all the amazing colleagues across the Ikea world," said Jesper Brodin, chief executive of Ingka Group.

Ikea to start building homes in the UK

Blocks of flats built by Ikea-Skanska joint venture BoKlok
BoKlok

Ikea and Skanska joint venture BoKlok has signed a deal with Worthing council to build 162 flats.

BoKlok specialises in factory-built housing that can be constructed at a low cost.

Rising house prices across the UK have hit Worthing badly - properties in the borough are typically priced almost 12 times more than salaries in the area.

BoKlok says it aims to build two-bedroom apartments that a single parent can afford to buy and live in.

Each of its apartments come with white walls, stone windowsills, a tiled bathroom and a large Ikea kitchen.

So far, the firm has built about 11,000 homes in Sweden, Finland and Norway

Government backs New Monks Farm decision

Sue Nicholson

BBC News

Ikea logo
Reuters

Plans to build 600 homes and an IKEA superstore in Lancing have received a boost after the government confirmed it will not be reviewing the scheme.

Adur District Council's planning committee approved the proposal for New Monks Farm in October 2018 subject to it being referred to the Secretary of State for Communities.

The council has received notification from the Ministry of Housing, Communities and Local Government it would not be called in - meaning the decision to approve the application stands.

After seven months of waiting, I very much welcome this decision from the government which gives certainty to the developer while also providing a massive shot in the arm for our local economy.

This application was one of the largest ever in Adur's history promising an investment of more than £150m and the creation of hundreds of homes and jobs, along with community space, in our area.

Neil ParkinLeader, Adur District Council

Thirty per cent of the homes will be affordable and 108 families from Adur's housing waiting list will get the chance to move to the new development.

Plans also include the provision of a new roundabout on the A27, a country park, land for a school and a community hub.

It will also see the relocation and expansion of the Withy Patch Gypsy and Traveller site.