IKEA PH Generated ₱6.4B in Sales for First Year of Operations

IKEA’s franchisee in the Philippines, Ikano Retail, released a reported sales turnover of ₱6.4B in their first year of operation.

Ikano Retail mentioned that IKEA franchisees in the Philippines and other countries namely, Thailand, Malaysia, Singapore, and Mexico, all surpassed sales worth ₱60.1 billion for the first time in their 2022 financial year. This is a reported 41.2% higher than their 2021 sales.

Ikano Retail is one of 12 IKEA franchisees in the world.

The revenue exceeded the EUR one billion mark for the first time, with growing sales in their five markets, opening two new stores, and recording more visitors compared to last year.

With IKEA Philippines opening last November 25, 2022, they ended their 2022 financial year on August 31 with a total turnover of ₱6.4 billion.

Ikano Retail’s CEO Christian Roejkjaer has said that ‘’After two years of retail disruptions and COVID restrictions, people made 113 million visits to our stores and shopping centers,’’

‘’After two years of retail disruptions and COVID restrictions, people made 113 million visits to our stores and shopping centers,’’

On IKEA’s websites running across give markets, they recorded 122.5 million visitors and an increase of 16% in their e-commerce sales. Roejkjaer mentioned that despite the challenges for retailers, Ikano Retail still maintained growth.

‘’Our shelves were not fully stocked as we would have liked it and our costs went way up. Still, we are leading our markets for affordable, quality home furnishing solutions – and our customers appreciate that.’’

The company currently employs 5,001 workers, 656 of which are based in the Philippines.

Source: Manila Bulletin