IKEA has cut 10,000 jobs after stopping all operations in Russia.
The Swedish furniture giant posted a six per cent rise in full-year sales today, described as a "challenging" year due to inflation and its decision to scale back operations in Russia.
The company, which halted retail operations in Russia in March after Moscow's invasion of Ukraine, has already "had to say goodbye" to around 10,000 of its 12,000 employees in Russia, Jesper Brodin, the chief executive of the holding company Ingka that manages most of Ikea's stores, told AFP.
Scores of consumer brands suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine on February 24, with H&M, IKEA and Nike (NKE.N) among the companies to have announced plans for a permanent exit.
IKEA, the world's biggest furniture brand, shut down its stores in March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia.
Ingka group, IKEA stores owner and one of the world's leading shopping centre owners, however, has kept its "Mega" shopping malls in Russia open.
Ikea is following a long list of global brands that have decided to abandon Russia after Putin's actions.
In May, Marks & Spencer (M&S) said it would remove all its stores and leave the country completely, firing 1,200 workers.
The store stopped sending items to Russia in March, but said it could not close 50 M&S outlets due to its franchise agreements.
Zara, which was hugely popular in Russia with 502 stores, closed its doors in the country in March .
An Inditex statement at the time said: "In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity."
As the horrors of war continue in Ukraine, Kyiv's soldiers remain defiant - with them shooting down four of Moscow's helicopters in just 18 minutes on Wednesday.
The country’s general staff said the helicopters, believed to be two-seat Soviet era Ka-52s, were attacked by missiles between 8.40am and 8.58am local time.
The official page of the Ministry of Defense of Ukraine tweeted: “Productive morning, Ukrainian style. “Today, in just 18 minutes, service members of #UAarmy shot down 4 Russian helicopters that were spoiling beautiful autumn skies in the south of Ukraine. No place for Alligators here. The local climate is hostile towards them.”
Ukraine's Air Force said on Telegram that the aircrafts were likely "providing fire support to the ground occupation troops in the southern direction."
The claims were partially confirmed by pro-Russian sources on the Telegram messaging app.
The post also said that there is a high probability that the toll of confirmed downed helicopters could increase.
