IKEA Philippines books P8.7 billion in sales | ABS-CBN

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IKEA Philippines books P8.7 billion in sales

IKEA Philippines books P8.7 billion in sales

ABS-CBN News

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Updated Oct 18, 2023 03:41 PM PHT

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IKEA Philippines shares an updated photo of its almost completed branch located at the Mall of Asia Complex. Photo: IKEA Philippines
IKEA Philippines shares an updated photo of its almost completed branch located at the Mall of Asia Complex. Photo: IKEA Philippines' Official Facebook Page

MANILA -- IKEA Philippines reported P8.7 billion in total sales in its latest financial year that ended on August 31.

Its franchisee and operator Ikano Retail said revenues jumped 28.3 percent from last year's figures.

In a statement posted on its website, Ikano Retail said that 601,931 IKEA Family members in the Philippines accounted for 53 percent of total sales in the country.

The franchisee also said 8.3 million meat, plant, chicken, and vegetable balls were sold in the Philippines.

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Ikano also said that 17 million of the 118.4 million visits to IKEA websites across their markets came from the Philippines.

Meanwhile, Ikano Retail, which also operates IKEA stores in Singapore, Malaysia, Thailand and Mexico, posted €1.8 billion (or P65.4 billion) total turnover in its fiscal year.

‘’It continues to be tough economic times for all retailers, including us, with higher costs all along our value chain, inflation, and a more cautious consumer sentiment," said Ikano Retail chief executive officer Christian Roejkjaer.

Across its 13 stores, chest drawers, bookcases, and wardrobes were the best-selling items, according to Ikano Retail.

They said they also sold 5.5 million plates, side plates, and bowls sold from their OFTAS collection throughout the year.

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