Ikea profits plunge as revamp takes toll

Overhaul at flat-pack furniture firm knocks 36% off pre-tax profits in year to 31 AugustIkea’s profits have fallen by more than a third as the world’s biggest furnishing retailer invests in improving its online business and tests smaller city-centre stores.Ingka, the holding company that runs the vast majority of Ikea stores, said pre-tax profits for its main operations were down 36% to €2.1bn (£1.8bn) and sales rose 2% to €37bn in the year to 31 August. Retail sales