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Increased growth for IKEA sales; to expand in London

Ingka Group has announced IKEA retail sales of €39.5bn for the financial year 2022, an increase of 5.6% compared to last year.

In an exceptional year, with geopolitical and economic challenges reshaping the global economic landscape – Ingka Group focused on the IKEA vision, to create a better everyday life for the many people. Once the war in Ukraine broke out, the company scaled down operations in Russia and together with its partners, such as UNHCR and Red Cross, made in-kind donations, supported with jobs, and furnished accommodation for refugees across Europe.

“I have never been prouder of the IKEA community. The last year has tested us like never before, as a business, as leaders and as people. And we lived up to the challenge – achieving solid performance in a disrupted environment, making tough decisions, while always keeping sight of the needs and dreams of the many. Uncertainties will continue be part of our lives in the coming years, but I am optimistic and confident in the strength of our togetherness and purpose,” said Jesper Brodin, CEO, Ingka Group.

As homes continued to be the most important places in the world, the company recorded growth in most of its markets and improved availability of products overall. It announced an €3bn investment in expansion, welcoming new customers in the first city stores in London, Stockholm, Toronto and Mumbai, a long-awaited store in Nice and an additional 47 locations.

Introducing new digital tools – such as the AI-powered IKEA KREATIV – while investing in existing stores and new delivery platforms improved customer experience and fulfilment. Ingka Group also invested in a real estate property on Oxford Street in London where it will open another city store to expand IKEA further in London.

“Being affordable is in our DNA and the key focus of our business – it has never been as important as now when we see an increasing cost of living. Our primary aim remains – ensuring that the IKEA offer always brings added value to our customers. We have always been there for the many people and through our dedication and hard work, we will continue to side with the many,” said Brodin.

Inter IKEA Systems B.V., which is the owner of the IKEA concept and the worldwide IKEA franchisor, also announced total IKEA retail sales of €44.6bn across all 12 groups of franchisees.

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