NETHERLANDS  – Ingka Group , Ikea’s largest retailer, reported its share of Ikea retail sales at EUR 39.6 billion for Fiscal Year 2024 (FY24), a 5% decline from EUR 41.7 billion in FY23.

The company focused on lowering prices, investing over EUR 2.1 billion in thousands of products. This resulted in a 3% increase in store visits, a 28% rise in online traffic, and a 9% increase in online orders.

In a year of economic uncertainties, including rising interest rates and inflation, Ingka Group focused on lowering prices to drive growth and enhance affordability and sustainability.

CEO Jesper Brodin remarked, “As the need for a better home life increase, we want to support our customers during these challenging times. Lowering prices is our long-term commitment, and this year showcased the strength of the Ikea vision.”

The group invested over EUR 1.3 billion in revitalizing stores and expanding its market presence, opening 43 new locations globally, including in Japan, Switzerland, and China. Enhanced customer experience was achieved through new fulfillment solutions and AI-driven technologies, resulting in the highest customer satisfaction scores in five years.

Tolga Öncü, COO of Ingka Group, emphasized the importance of affordability: “We dedicated our resources to lowering prices while also investing in store improvements and digital services.”Ikea aims to meet the Paris Agreement by reducing greenhouse gas emissions by at least 50% by 2030 and 90% by 2050. The company is committed to investing EUR 7.5 billion in renewable energy, with over EUR 4.2 billion already allocated.

Inter Ikea Systems B.V. announced that total Ikea FY24 retail sales of EUR 45.1 billion, with Ingka Group accounting for 88% of those sales. In FY24, Ikea opened 56 new customer meeting points across various markets, including three full-size stores, eight small stores, and 44 plan and order points. A key highlight was the expansion in Colombia, featuring two new stores and an e-commerce platform.