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☆ Ikea group CEO tells BI shoppers are trading down to save money
▼ + stars: | 2024-11-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

And while the past year has been challenging, this strategy is paying off, according to Jasper Brodin, CEO of Ikea's parent company, Ingka Group. "People have the same needs, but they have much less money in their wallet," he added. AdvertisementHowever, Ikea has benefited from investing in low prices because it has attracted more shoppers away from pricier rivals. AdvertisementBecause of this, he said that Ikea customers are largely engaging in needs-based shopping, picking up the necessities first, like a new bed or kitchen table, instead of non-essential items. "There is a large stimulus package coming from the government right now, which is helping, but people have been holding on to their money," Brodin said.

Persons: Jasper Brodin, — Brodin, —, Nora Redmond, lockdowns, Brodin Organizations: Ikea, Ingka, Oxford, Starbucks Locations: London, China

☆ CEOs around the world started talking about Trump's tariffs as soon as he won
▼ + stars: | 2024-11-08 | by ( Polly Thompson | ) www.businessinsider.com time to read: +8 min

It is months before Trump's inauguration, but tariffs are already on the lips of global business leaders. AdvertisementAs soon as Donald Trump won reelection, CEOs worldwide discussed his plans for a new era of global tariffs. AdvertisementOn Wednesday, Oliver Zipse, chairman of BMW, downplayed fears over tariffs during a third-quarter earnings call, citing the company's large US business. Advertisement"Politics is politics," Ikea's CEO, Jesper Brodin, told Business Insider when asked about how Trump's tariffs would affect international business. Soon after Trump's departure from the White House, the two sides ended their dispute and axed the tariffs, but renewed tariffs could lead to issues once again.

Persons: Donald Trump, Ralph Lauren, —, Trump, he'd, John Deere, Trump's, Shinju Aoyama, Aoyama, Shinji Aoyama, YOSHIKAZU, Piyush Gupta, Gupta, Europe Trump, Davidson, Oliver Zipse, Zipse, Maja Hitij, Arne Freundt, Freundt, Jesper Brodin, Guillaume Faury, Faury, OZAN KOSE, Martin Sorrell, Sorrell, Justin Picicci, Ralph Lauren's, Picicci, Timothy Boyle Organizations: BMW, Airbus, Ikea, Service, Biden, Japan's Honda Motors, Honda, Getty, DBS, Mercedes, Volkswagen, Puma, European Union, Boeing, EU, White, North, Columbia, Washington Post Locations: China, Mexico, Europe, AFP

☆ Ikea revenue falls after it lowered prices
▼ + stars: | 2024-10-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Last year, Ikea slashed prices on roughly 2,000 products to give inflation-weary customers a break. Ikea, the world’s largest furniture retailer, said that it doesn’t have any regrets about prioritizing “lowering the prices” in a $2 billion discount initiative at all of its stores globally. Like its rivals, Ikea gradually hiked prices since the peak of Covid-19 in 2020 as the costs of materials and transport rose. The company’s major discount program last year cut prices on several of its most popular items, like its Billy bookcase. Ikea sold 1.2 billion meatballs for the year, with a company spokesperson telling CNN that it also sold more meals at its cafés.

Persons: Jesper Brodin, Billy bookcase Organizations: New, New York CNN, Ikea, Ikea’s, CNN Locations: New York, Swedish

☆ Retailers jacked up prices and squeezed consumers. They might have just blinked
▼ + stars: | 2024-05-05 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.

Persons: Sarah Wyeth, ”, Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, “, ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, “, Cheese, Stambor Locations: New York, Hallandale Beach , Florida

☆ Top CEOs fear that volatile supply chains are now just the new normal
▼ + stars: | 2024-01-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Kristian Helgesen | Bloomberg | Getty ImagesDAVOS, Switzerland — Top CEOs are closely following tensions in the Red Sea, warning that this kind of volatility for supply chains is likely here to stay. Houthi rebels from Yemen have attacked commercial vessels traveling in the Red Sea since November. Supply chains were massively disrupted during the pandemic and the subsequent bounce back, given the restrictions and the closure of borders. Tobias Meyer, the CEO of DHL, shared concerns over the new normal for supply chains. "We have an issue in the Panama Canal, we have an issue in the Red Sea.

Persons: Ebba, A.P ., Kristian Helgesen, Jesper Brodin, Brodin, Tobias Meyer Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Ingka, CNBC, Economic, IKEA, DHL Locations: Suez, Egypt, DAVOS, Switzerland, Red, Yemen, Iran, Gaza, United States, Hope, Africa, Asia, Europe, Davos, Panama

☆ Ikea says it's going to cut prices this year, and the company's comments on deflation should be setting competitors on edge
▼ + stars: | 2024-01-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewCompanies across the board have been hiking prices massively in the last few years, citing relentless supply chain disruptions from the COVID-19 pandemic, geopolitical tensions, and Russia's war in Ukraine. Speaking to Reuters at the World Economic Forum in Davos, Switzerland, Broden acknowledged "quite significant deflation" upstream in its supply chain. AdvertisementIkea also has enough inventory to offset price hikes from any supply chain shocks, Brodin told the news agency. To be sure, Ikea hiked prices in 2022, citing supply chain bottlenecks and higher raw material costs, but the furniture giant started cutting price late last year, citing easing price pressures. US grocery giant Walmart signaled deflation in November as well — but that was before the Red Sea Houthi attacks dragged into the new year.

Persons: —, Jesper Brodin, Broden, Brodin, It's Organizations: Service, Business, Ingka, Ikea, Reuters, Red, Economic, Energy Locations: Ukraine, Davos, Switzerland, London, Russia

Ilya Sorokin made 30 saves in two periods for the Islanders, setting a career high by starting an 11th consecutive game. He let in a short-handed goal by Eriksson Ek and Foligno's flip-in in the final minute. The Islanders took six penalties, and Zuccarello and Eriksson Ek scored on the power play. The Islanders, who have lost four of their last five games, have also dropped six consecutive games to the Wild. Eriksson Ek had gone 10 straight games without scoring.

Persons: — Marc, Andre Fleury, Joel Eriksson Ek, Mats Zuccarello, Connor Dewar, Marcus Foligno, who'd, Fleury, Patrick Roy, Martin Brodeur, Flower, Ilya Sorokin, Kenneth Appleby, Semyon Varlamov, Appleby, Eriksson Ek, Zuccarello, Bill Guerin, Jonas Brodin, they've, —, Dewar, ___ Organizations: PAUL, 552nd, NHL, Minnesota Wild, New York Islanders, Islanders, Western Conference, Detroit, UP NEXT, Winnipeg, Tampa Locations: New Jersey, Arizona, UP

ST. PAUL, Minn. (AP) — The crowd chants for Marc-Andre Fleury started in the second period and filled the arena again in the waning minutes, as the Minnesota Wild goalie closed in on a long-sought milestone. Fleury recently became the fourth goalie to play in 1,000 games. Then he gave the Wild another highlight in a season that has been short on them. I was so happy to play that first game,” said Fleury, drafted first overall by the Pittsburgh Penguins in 2003. Two of Fleury's three children — the other was recovering from tonsil surgery — greeted him at his stall in the Wild locker room afterward.

Persons: Marc, Andre Fleury, ”, John Hynes, Fleury, he's, Patrick Roy, Martin Brodeur, Marcus Foligno, Mats Zuccarello, — Fleury, Roy, I’ve, Brodeur, “, —, “ He’s, Jonas Brodin, ” Fleury Organizations: PAUL, Minnesota Wild, NHL, New York Islanders, Pittsburgh Penguins, Penguins, Vegas Golden Knights, Chicago Blackhawks Locations: Minnesota

☆ Jackets prevail in OT in back-and-forth affair with Wild
▼ + stars: | 2023-10-22 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

Dakota Mermis and Marcus Johansson each notched one goal and one assist, while Mats Zuccarello and Jonas Brodin also scored for the Wild, who have lost two straight games. Joel Eriksson Ek and Pat Maroon collected two assists apiece and goalie Filip Gustavsson stopped 49 shots. But Jenner buried a rebound just under three minutes later to card his fourth of the season. The Blue Jackets were without Patrik Laine, who was injured in the final seconds of Friday's win over the Calgary Flames. Rasmus Andersson was handed a four-game suspension for the hit, which has Laine sidelined on a day-to-day basis.

Persons: Adam Fantilli, Jack Roslovic, Minn, Justin Danforth, Kent Johnson, Boone Jenner, Elvis Merzlikins, Dakota Mermis, Marcus Johansson, Mats Zuccarello, Jonas Brodin, Joel Eriksson Ek, Pat Maroon, Filip Gustavsson, Roslovic, Columbus, Danforth, Johnson, Mermis, Zuccarello, Ryan Hartman, Ivan Provorov, Brodin, Jenner, Johansson, Patrik Laine, Rasmus Andersson, Laine Organizations: NHL, Columbus Blue Jackets, Minnesota Wild, Blue Jackets, Dakota, Columbus, Fantilli, Calgary Flames, Thomson Locations: Saint Paul, Minnesota

☆ NHL roundup: Knights' season-opening surge makes history
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +10 min

Vegas stretched its season-opening winning streak to six games, the longest by a defending Stanley Cup champion in league history. Justin Schultz scored for Seattle, which has tallied more than one goal only once in six games this season to drop to 1-4-1. Maple Leafs 4, Lightning 3 (OT)John Tavares scored the game-winning goal in overtime as Toronto rallied past host Tampa Bay. Predators 5, Sharks 1Tommy Novak scored two goals and Juuse Saros made 31 saves to propel host Nashville past San Jose. Marchand scored goals in the second and third periods after recording an assist.

Persons: Nicolas Roy, Laurent Brossoit, James Carey Lauder, Marc Stone, Paul Cotter, Vegas, Cotter, Michael Amadio, Connor Bedard, Artturi Lehkonen, Logan O'Connor, Nathan MacKinnon, Ryan Johansen, Mikko Rantanen, Fredrik Olofsson, Alexandar Georgiev, Jesperi, Jaccob Slavin, Brent Burns, Michael Bunting, Stefan Noesen, Pyotr Kochetkov, Jonathan Quick, Artemi Panarin, Kaapo Kakko, Alexis Lafreniere, Filip Chytil, K'Andre Miller, Justin Schultz, Philipp Grubauer, Joe Veleno, Dylan Larkin, Shayne Gostisbehere, David Perron, Ville Husso, Jake Sanderson, Ridly Greig, Joonas Korpisalo, Karel Vejmelka, Jason Zucker, Clayton Keller, Frank Vatrano, Lukas Dostal, Jeff Skinner, Mattias Samuelsson, Dylan Cozens, Eric Comrie, Comrie, Semyon Varlamov, Cole Caufield, Caufield, Nick Suzuki, Darcy Kuemper, Sean Monahan, Brendan Gallagher, Dylan Strome, Kuemper, Andrei Kuzmenko, Elias Pettersson, Quinn Hughes, Carson Soucy, Brock Boeser, . Miller, Casey DeSmith, Sam Reinhart, Aleksander Barkov, Sergei Bobrovsky, John Tavares, Tavares, William Nylander, Nikita Kucherov, Alex Barre, Boulet, Adam Fantilli, Jack Roslovic, Minn, Justin Danforth, Kent Johnson, Boone Jenner, Elvis Merzlikins, Dakota Mermis, Marcus Johansson, Mats Zuccarello, Jonas Brodin, Joel Eriksson Ek, Pat Maroon, Filip Gustavsson, Joe Pavelski, Wyatt Johnston, Jamie Benn, Roope Hintz, Tyler Sequin, Scott Wedgewood, Travis Konecny, Sean Walker, Joel Farabee, Noah Cates, Samuel Ersson, Tommy Novak, Nashville's Kiefer Sherwood, Luke Evangelista, Samuel Fagemo, Tomas Hertl, Mackenzie Blackwood, Brandon Saad, Louis, Jake Neighbours, Colton Parayko, Kasperi Kapanen, Robert Thomas, Jordan Binnington, Evgeni Malkin, Radim Zohorna, Tristan Jarry, Saad, Mark Scheifele, Connor Hellebuyck, Josh Morrissey's, Stuart Skinner's, Darnell Nurse, Evan Bouchard, Connor McDavid, Leon Draisaitl, didn't, Brad Marchand, David Pastrnak, Marchand, Pastrnak, Morgan Geekie, Derek Forbort, Jeremy Swayman, Alex Laferriere, Carl Grundstrom, Cam Talbot, Anze Kopitar, Dustin Brown Organizations: Vegas Golden Knights, Winnipeg Jets, Canada Life, USA, Chicago Blackhawks, Stanley, Edmonton Oilers, Ottawa Senators, Golden Knights, Chicago, United, Blackhawks, Avalanche, Hurricanes, Colorado, Carolina, Rangers, Seattle, Red Wings, Senators, Ottawa, Detroit, Coyotes, Ducks, Arizona, Anaheim, Islanders, Buffalo, Sabres, New Jersey Devils, Canadiens, Capitals, Montreal, Washington, Canucks, Panthers, Florida, Maple Leafs, Toronto, Tampa Bay, Leafs, Brayden, Blue Jackets, NHL, Dakota, Flyers, Dallas, Philadelphia, Sharks, Nashville, Penguins, Pittsburgh, Blues, Jets, Oilers, Winnipeg, Edmonton, McDavid, Scheifele, Bruins, Thomson Locations: Winnipeg , Manitoba, Vegas, Denver, Colorado, New York, Detroit, Tempe, Ariz, Vancouver, Florida, Sunrise, Fla, Tampa, Columbus, Minnesota, Saint Paul, San Jose, Pittsburgh, Scheifele, Boston, Los Angeles

☆ IKEA sticks with China despite slowing economy
▼ + stars: | 2023-10-12 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman Acquire Licensing RightsMALMÖ, Sweden, Oct 12 (Reuters) - China is still a key growth market for budget furniture retailer IKEA despite the world's second-largest economy showing signs of strain, executives at the biggest IKEA store owner said on Thursday. The company has 37 IKEA stores in China, out of a total of 537 locations worldwide. Ingka Group overall saw 697 million visits to its IKEA stores in the 2023 financial year, up 7.4% from the previous year. The rate of increase was much higher in China, Brodin said, as stores reopened and shoppers returned. China's sheer size makes it a key opportunity, said Tolga Oncu, head of IKEA Retail at Ingka Group.

Persons: Yves Herman Acquire, Jesper Brodin, Brodin, Ingka, Tolga Oncu, Oncu, Helen Reid, Josie Kao Organizations: REUTERS, IKEA, Ingka Group, Ingka, Reuters, IKEA Retail, Thomson Locations: Brussels, Belgium, Sweden, China

☆ You Can Take Your Dog to a National Park, but You’ll Both Need to Be Very, Very Good
▼ + stars: | 2023-08-15 | by ( Lauren Sloss | ) www.nytimes.com time to read: +1 min

Yes, dogs are allowed in most national parksFirst things first: Dogs are, by and large, allowed in national parks. In all parks, dogs must be on leashes no longer than six feet, and picking up and disposing of pet excrement is a must. In Yosemite and Yellowstone National Parks, dogs are largely restricted to developed car campgrounds and paved roads, while others, like White Sands, in New Mexico, have more areas open to dogs, though they must be leashed. They make a point to speak to park rangers on arrival to get the most up-to-date information and suggestions on which areas to visit. “In Joshua Tree, the rangers directed me to a four-wheel-drive road that no one goes on,” Ms. LaFleur said.

Persons: Danielle LaFleur, Brodin Ramsey, Chia, “, Joshua Tree, Ms, LaFleur, ” Organizations: Park Service, Yellowstone National Parks, Service Locations: Yosemite, White, New Mexico

☆ NHL roundup: Connor McDavid hits 150 points in Oilers' win
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +12 min

Tomas Hertl scored, and James Reimer made 29 saves for the Sharks, who have lost seven straight against the Oilers. McDavid notched his 150th point when he scored with 1:44 left in the opening period for a 2-1 lead. Jesper Bratt scored the lone goal and MacKenzie Blackwood made 38 stops for the Devils, who had won back-to-back games. Avalanche 4, Kings 3Denis Malgin scored two goals for visiting Colorado in a win against Los Angeles. Alex Nylander, Danton Heinen and Evgeni Malkin each scored a goal and Tristan Jarry made 19 saves for the Penguins.

☆ 'We're not out of the woods': Sweden’s sliding house prices could be only halfway to the bottom
▼ + stars: | 2023-04-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +4 min

Sweden's house prices are expected to continue to plummet. Danske previously projected a 20% drop, peak to trough, in Swedish house prices. The data shows house prices rose by 1% compared with February. When adjusted for seasonality, the increase translates into a small decline of 0.3%, with house prices typically growing slightly at the start of each year. SEB is maintaining its forecast of a 20% drop in Swedish house prices, but with downside risk.

☆ NHL roundup: Avs come from behind to down Oilers in OT
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +5 min

Compher had a goal and three assists, and Nathan MacKinnon posted a goal and two helpers for Colorado. Valeri Nichushkin, Logan O'Connor and Artturi Lehkonen also scored, Samuel Girard had two assists and Alexandar Georgiev turned away 35 shots. Leon Draisaitl and Tyson Barrie each had a goal, Cody Ceci had two assists and Jack Campbell made 37 saves. Ridly Greig scored his first NHL goal, Claude Giroux had two assists and Mads Sogaard made 30 saves. Wild 4, Predators 3Ryan Hartman scored with 21 seconds remaining, and Minnesota defeated Nashville after surrendering a two-goal, third-period lead.

Jesper Brodin, CEO of IKEA stores owner Ingka, said visitor numbers and sales volumes were up so far in the group's fiscal year through August 2023. "We are currently seeing growing visitor numbers and growing sales ... It started late spring, summer, and has continued," Brodin said, adding that current trading was better than feared. Some costs such as gas prices have started to decline as well, prompting some retailers to consider price cuts. Brodin said Ingka was currently seeing no signs of weakening demand, or of any of its markets heading towards a deep recession this year.

☆ NHL roundup: Devils blow lead, top Canucks in OT
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +4 min

Bratt, stationed in the right faceoff circle, took a no-look pass from Jack Hughes and fired a shot well beyond the glove of Canucks goalie Collin Delia. Hughes and Ondrej Palat had two goals apiece for the Devils, who scored three goals in a 50-second span midway through the second period. The Ducks scored their goals 1:26 apart in the third period to tie the score. Silfverberg tipped in a point shot from Kevin Shattenkirk to cut the lead to 2-1 at 11:04. Karel Vejmelka stopped 33 shots for the win as Arizona improved to 3-1-1 in its past five games.

☆ NHL roundup: Connor McDavid leads streaking Oilers past Kraken
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +6 min

[1/4] Jan 17, 2023; Edmonton, Alberta, CAN; Edmonton Oilers forward Connor McDavid (97) carries the puck up ice during the first period against the Seattle Kraken at Rogers Place. Mandatory Credit: Perry Nelson-USA TODAY SportsJanuary 18 - Connor McDavid scored his NHL-leading 38th goal of the season as the Edmonton Oilers defeated the visiting Seattle Kraken 5-2 on Tuesday night. Derek Ryan, Warren Foegele, Ryan McLeod and Zach Hyman also tallied for the Oilers, who extended their winning streak to four games. Kyle Connor scored for the Jets, who had a three-game win streak come to an end. Carter Verhaeghe, Anton Lundell and Josh Mahura also scored goals for Florida.

☆ A 20-year-old indigenous climate activist says the World Economic Forum is the perfect time for corporations to 'show their commitment' to breaking up with fossil fuels
▼ + stars: | 2023-01-17 | by ( Freya Graham | ) www.businessinsider.com time to read: +6 min

Helena Gualinga is an Indigenous youth climate advocate from Ecuador. Gualinga wants to bring Indigenous and youth perspectives to climate conversations at Davos. The 20-year-old Indigenous youth climate advocate is speaking on several panels at the World Economic Forum in Davos, Switzerland, this week, sharing the stage with the likes of John Kerry, the US Special Presidential Envoy for Climate, and IKEA CEO Jesper Brodin. Much of the green transition is about electrification — for instance, switching from gas cars to electric ones. Corporations must commit to making a changeAt Davos this year, Gualinga wants to see "a real commitment to climate action."

☆ Sweden is facing its ‘day of reckoning’ as house prices plummet
▼ + stars: | 2023-01-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +7 min

But now property prices are tumbling. Sweden's property prices are facing a serious drop as the country's former central bank governor warns of lofty household debt levels. Central bank rate hikesIn 2022, Sweden's central bank undertook an aggressive interest rate hiking cycle that ricocheted through the property market. So basically once the interest rate is stabilised, we don't expect prices to continue declining," Brodin said. Sweden isn't the only European country experiencing a plunging property market post-pandemic, with some economists forecasting a similar downturn of between 20% and 25% in Germany.

☆ IKEA lets around 10,000 staff go in Russia -AFP
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Oct 13 (Reuters) - IKEA has now let go around 10,000 employees in Russia as it makes its exit from the country, the French news agency AFP quoted the company as saying on Thursday, as the Swedish furniture giant reported record annual sales. IKEA, the world's biggest furniture brand, shut down its Russian stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia. The company had said it would continue to pay staff until the end of August. Jesper Brodin, the CEO of Ingka group, owner of IKEA's stores, told AFP that it had had to lay off around 10,000 of its 12,000 retail employees in Russia. Brodin said Ingka had not yet decided whether to sell the IKEA stores in Russia.

☆ IKEA reports record sales as price hikes offset weakening consumer confidence
▼ + stars: | 2022-10-13 | by ( Anna Ringstrom | ) www.reuters.com time to read: +3 min

STOCKHOLM, Oct 13 (Reuters) - Budget furniture giant IKEA reported record high annual sales on Thursday as price hikes and easing effects from the pandemic made up for supply shortages, weakening consumer confidence and its exit from Russia. "Inflation and supply chain issues impacted FY22 sales, and led to rising costs and higher prices. Register now for FREE unlimited access to Reuters.com Register"In addition, supply chain shortages made it difficult to keep IKEA shelves full," it said. Inter IKEA in June put its factories in the country up for sale, and IKEA stores remain closed, but Ingka's shopping malls remain open. Brodin said on Thursday Ingka had not yet decided whether to sell the IKEA stores.

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