Ikano Retail, the franchisee of Swedish furniture retailer Ikea in the Philippines, Singapore, Malaysia, Thailand, and Mexico, has reported US$1.138 billion in sales for FY23.
For the year ended August 31, the company’s revenue edged up by 2.1 per cent compared to FY22, with mixed performances in its five markets.
In the Philippines, Ikano Retail posted a turnover increase of 28.3 per cent to $151.7 million. Sales also rose 4.4 per cent to $289.9 million in Thailand and by 32.4 per cent to $92.7 million in Mexico.
The firm saw a slump of 10.2 per cent and 2 per cent in Malaysia and Singapore, respectively.
“We launched remote planning by taking our Ikea Planning studio online in the Philippines to meet faraway customers, expanded our fleet of Electric Vehicles in Singapore which now supports 20 per cent of our home deliveries, opened three new collection points in Malaysia to meet customers in states without an Ikea store,” said Christian Roejkjaer, Ikano Retail CEO.
The company is preparing to open two stores, one each in Thailand’s Bangkok and Mexico’s Guadalajara, he added.
Regarding the Ikea food segment, Ikano Retail recorded 14.5 million visits, up 13 per cent from last year, while total sales also increased 11.7 per cent.
Ikano Retail is one of 12 Ikea franchisees around the world and is the only franchisee owned by the family of Ingvar Kamprad, who founded Ikea in 1943.
