IKEA sales drop 5% but price cuts boost customer visits

IKEA's Ingka Group announced retail sales of Euro 39.6 billion for the fiscal year ended on August 31, 2024, a 5% drop compared to the previous year. Despite the decline, the company invested more than Euro 2.1 billion to lower prices across thousands of products in all markets, driving a 3% rise in store visits and a 28% increase in online traffic. Online orders also grew by 9%. Facing a tough economic landscape marked by inflation, high interest rates, and a shrinking home furnishing market (-3.8%), Ingka Group focused on making IKEA more affordable and ...