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Major retail network affected by withdrawal from Russia

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Major retail network affected by withdrawal from Russia

Stockholm, Nov 25 (Prensa Latina) The major Swedish retail group Ikea reported falls of more than five times its annual net profit due to the decision to withdraw from Russia under the argument of the conflict in Ukraine.

As part of the West’s measures against Moscow, the multinational company embraced leaving the Slavic country, with an impact on its profits, spokesmen said.

The group that owns most of the Ikea stores in the world, Ingka, reflected such details on Friday.

The company specified that its net profit for fiscal 2022, which ended in August, fell to 287 million euros, down from 1,6 billion euros in 2021.

The drop was mainly due to the rise in interest rates, which affected its investments in the financial markets.

Central banks raised rates around the world in an effort to curb rising inflation. That company noted that net income was also affected by the effects of reduced operations in Russia.

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