Skip navigation

Gloucestershire Business News

Ikea to invest in green energy as profits fall

Profits at homeware giant Ikea have dipped, despite a 50 per cent increase in online sales.

The Swedish retailer's holding company Ingka Group said operating profit fell to £1.7 billion (€2 billion) in the year ending August, as reported by Retail Gazette.

Sales increased 5.3 per cent to £33.5 billion (€39.1 billion), while pre-tax profits were up by 19 per cent, due to a rise in income from financial investments. Meanwhile, profits fell 10 per cent, despite a 50 per cent surge in online sales and a 0.7 per cent rise in in-store sales.

But Ikea, which has a store in Bristol, is looking beyond profits and aims to become a climate positive business by 2030. Earlier this week, it announced it will invest £171 million (€200 million) in green energy. Over the past decade, Ikea has invested almost £2.1 billion (€2.5 billion) into renewable energy.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, May 22 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, May 22

The latest important news and updates from across Gloucestershire as the coronavirus crisis continues.

Business Profile - Replanning the office by Joe Roberts, Roberts Limbrick Image

Business Profile - Replanning the office by Joe Roberts, Roberts Limbrick

Writing on the future of workplace design in such uncertain times seems very strange, especially when most people reading this are working from home.

Rugby star inspired by opening week Image

Rugby star inspired by opening week

Phil Vickery says he has been amazed and inspired by the response to his new click and collect food service.

Richard Graham: Gloucester MP faces questions from business Image

Richard Graham: Gloucester MP faces questions from business

The Government's objectives are widening to protect business as well as lives during the coronavirus pandemic, according to Gloucester's MP

Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.