IKEA SALES FALL 5% AFTER PRICE CUTS AMID WEAK HOUSING MARKET

IKEA annual sales fell 5% after the Swedish budget homeware retailer cut prices in a bid to attract more shoppers and maintain its share of a shrinking home furniture market, but it expects a recovery next year.

Ingka Group, which owns most IKEA stores globally, announced 39.6 billion euros ($43.3 billion) in sales for its financial year ended Aug. 31.

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