The UK arm of the Swedish homeware giant said retail sales dropped by 6.8% to £2.3 billion for the year to August.

Ikea UK sales slid in its latest financial year, as it invested further into slashing prices. The homewares giant’s sales dropped 6.8% to £2.3bn in the year to 31 August, which it said was due to its “strategic decision” to prioritise affordability and invest more than £117m into cutting prices.

The Swedish furniture giant’s sales fell 5.3% to $49.34 billion in the 12 months to Aug. 31, after lowering the prices of its goods to encourage shoppers into stores.