Profits surge at Irish arm of Ikea to €15.75 million
Pre-tax profits at the Irish arm of Swedish furnishing giant Ikea last year more than doubled to €15.75 million despite revenues remaining flat due to consumer confidence here remaining subdued.
New accounts just filed by Ikea Ireland Ltd show that the profits surged as revenues increased by only 0.36 per cent from €246.46 million to €247.33 million in the 12 months to the end of August last.
The pre-tax profits of €15.75 million last year are a 128pc increase on the pre-tax profits of €6.9 million for the prior year.
The directors state that the company “had a strong financial performance” as total retail sales reached €247.3 million “despite a challenging economic backdrop where consumer confidence remained subdued due to continued pressure on household spend”.
The directors state that Ikea recorded a 134 per cent increase in operating profit to €16.45 million “due to a return to more normalised levels of investment after a substantial €12 million...
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