Ikea has unveiled its next wave of price cuts across hundreds of its popular products, including its famous Billy Bookcase, as it passes on savings it has made from easing inflation.
The furniture giant is slashing prices on 400 products across its ranges ahead of the Easter holidays, including living room, bathroom and bedroom, after it made £125m of savings easing cost pressures.
Earlier this year, Ikea said it had experienced improvements to purchasing goods costs during 2023, following challenges after the pandemic, which has allowed it to make thousands of products more affordable.
The reductions come under the retailer’s New Lower Prices initiative, which it kicked off in January across 1,500 items.
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Ikea UK and Ireland CCO Michaela Quinlan said: “At Ikea, our aim has always been to ensure our items are as affordable as possible for as many people as possible.
“The next wave of New Lower Prices represents the next phase in our commitment to restore more affordable pricing on our most in-demand ranges – passing on savings to help customers’ budgets stretch further.”
Ikea saw its UK profits double in January, thanks to its ongoing investment into value, which helped boost sales despite what it termed a “difficult economic climate”.
The Swedish retail giant reported its operating profit had skyrocketed from £49.6m to £111.2m in the 52 weeks to 31 August, driven by its cost-efficiency strategy and strategic investments into its UK store estate and online.
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