Ikea halts new Preston store as UK profits fall

Retailer says Lancashire outlet no longer viable as profits slide from £140m to £87mIkea has reported a sharp fall in UK profits and pulled out of opening what would have been its second-largest store in the country.The Swedish retailer blamed higher wages and the cost of investments in its stores and website for a near-40% slump in profits in the year to 31 August 2017. Pre-tax profits slid from £140m to £87m, according to accounts filed at Companies House. Continue read