₹607.7 crore in FY21, the data showed. During the year, the retailer also reported temporary store closures due to the pandemic. NEW DELHI : Swedish furniture and home furnishings retailer Ikea’s Indian unit widened its net loss to ₹807.5 crore in the financial year ended March 2021 from ₹720.7 crore in the previous year, according to the latest available data accessed by business intelligence platform, Tofler.
Net sales at Ikea India Pvt. Ltd grew 7.36% to ₹607.7 crore in FY21, the data showed. During the year, the retailer also reported temporary store closures due to the pandemic.
Sales in FY21 increased at a much slower pace than the 64.68% growth the company recorded in the year ended March 2020 to ₹566 crore.
The spread of covid-19 in early 2020 and subsequent lockdowns as well as restrictions on mobility impacted Ikea India’s business. “During the FY 2020-21, the company’s expansion plan and operations were impacted due to the global pandemic of covid-19.