IKEA Philippines Reports P8.7 Billion Turnover for Current Financial Year
The popular Swedish retail chain IKEA Philippines has announced a turnover of P8.7 billion for the current financial year, which runs from September 2022 to August 2023.
According to a report from Singapore-based Ikano Retail, the firm that owns and operates the IKEA store in Pasay City, the Philippine branch saw a 28.3 percent increase in revenue from the previous financial year.
The report also revealed that IKEA Philippines contributed around €144 million to the overall €1.08 billion turnover posted by Ikano Retail this year, which includes all of its operations in IKEA franchises in Singapore, Malaysia, Thailand, and Mexico.
Christian Roejkjaer, CEO of Ikano Retail, stated, “Despite the headwinds, our stores remained at the heart of our omnichannel experience as we continued to develop IKEA.ph and created more ways for customers to meet and shop with us.”
Some of the notable achievements in the Philippines include the launch of the IKEA Remote Planning studio online to cater to customers who are far from Metro Manila, as well as the introduction of ClubEXP, an online platform for community members aged 13 to 20 to engage with the brand and the store.
IKEA also made advancements in technology, allowing IKEA Family members in the country to donate their points for cash donations to selected non-profit organizations.
Despite mixed performances across markets, Ikano Retail reported a 2.1 percent year-on-year increase in turnover, reaching a consolidated number of 120 million visits across all of its IKEA outlets.
In terms of sustainability, the retailer has developed new community partnerships, facilitated social days for more than 1,000 co-workers, and trained more than 2,000 co-workers in sustainability courses.
The IKEA Food section also saw increased patronage, with visits up by 13 percent and total sales increasing by 11.7 percent from the previous year.
Additionally, personnel at the Pasay branch began Declutter Week, where pre-loved clothing, books, and household items were traded.
Overall, IKEA continues to see strong performance and growth in the Philippines and across its global franchises.
