IKEA cuts 850 jobs after 2 years of falling sales
Business
IKEA is letting go of 850 employees after two years of falling sales.
The company says people are spending less and costs keep rising, with challenges like the war in Iran and higher prices making things tough.
They're hoping these cuts will help keep prices down for shoppers.
IKEA net profit fell 4%
IKEA's profits have taken a hit from inflation, expensive energy bills, and supply chain issues, so they had to raise prices previously, which made sales dip even more.
Their net profit reportedly dropped 4% to €1.5 billion ($1.6 billion).