NETHERLANDS – Ingka Group, the largest Ikea retailer, reported a revenue of EUR 41.8 billion for Fiscal Year 2024 (FY24), despite tough economic conditions, including high interest rates and inflation.

The company prioritized affordability, reducing prices by EUR 2.1 billion, which led to a 3.3% increase in store visits and a 28% rise in online traffic.

Ikea Retail’s sales were EUR 39.6 billion, a 5% decline from last year.

Investing EUR 3.4 billion in areas like fulfilment, customer experience, and renewable energy, Ingka continued to strengthen its long-term business strategy.

Operating income was EUR 1.3 billion, and net income was EUR 0.8 billion.

Ingka’s unique ownership model allows it to reinvest 85% of profits back into the business, with the remaining 15% supporting the charitable work of the IKEA Foundation.

Sustainability remains a top priority, with the company aiming to reduce its climate footprint by 85% in operations by 2030, and achieve net-zero emissions by 2050.

Ingka’s investments in renewable energy total EUR 4.2 billion to date.