By Business World
IKEA Philippines, the local business of the Swedish furniture maker, posted a turnover of P8.7 billion during its latest financial year that ended on Aug. 31 amid higher revenue, according to its franchisee and operator Ikano Retail.
Ikano Retail, which operates IKEA Pasay City, said its omnichannel business with e-commerce, click-and-collect pick-up points, IKEA food, and IKEA for Business saw a double-digit jump in revenue.
“[IKEA Pasay City] saw a bump in revenue from last year, up 28.3% as it closed its 2023 financial year on Aug. 31 with a turnover of P8.7 billion,” Ikano Retail said in a statement on Tuesday.
IKEA Pasay City, the largest IKEA store in the world, logged 17 million visits during the 2023 financial year. No comparative figures were provided.
Meanwhile, Ikano Retail posted a P65.4-billion (1.08 billion euro) turnover in its 2023 financial year.
Ikano Retail, one of the 12 IKEA franchisees globally, operates IKEA stores in the Philippines, Singapore, Malaysia, Thailand, and Mexico. The company has 13 IKEA stores and five IKEA-anchored shopping centers in its portfolio.
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