Business Forum • 16 October, 2024 at 12:19 PM
IKEA Romania announced its sales results for the fiscal year 2024 (September 1, 2023, to August 31, 2024), highlighting growth in both online and offline sales. The company recorded a 12% increase in total sales and a 5% rise in online commerce compared to the previous year. During the 2024 fiscal year, IKEA Romania sold over 26.5 million products, 65% being pieces of furniture and 35% accessories, contributing to a turnover exceeding RON 1.4 billion.
In the year globally marked by economic uncertainties, IKEA Romania prioritized lowering prices for the customers, investing €20,5 million in FY24 to lower prices of almost half of the product range. This effort, part of a broader strategy by the Ingka Group, which invested over €2.1 billion across markets in the past year, aimed to make IKEA more affordable, accessible, and sustainable on long term.
”We always strive to side with the many people, and we feel that now, it was more important than ever to do that. Throughout the last fiscal year, we lowered the prices of our products without compromising on quality, form, function, and sustainability, and we are happy to see that this was also a sound business decision. We also invested in our customer meeting points and improvements of digital solutions and services, to make the overall experience better. I am proud of team that made it happen,” commented Vincent Devloo, Area Retail Manager IKEA SEE (Romania, Croatia, Serbia, Slovenia, Ukraine).
The company registered a substantial increase in foot traffic, with over 6 million people visiting IKEA stores in Romania, marking a 15% increase from the previous year, partly driven by the opening of the new store in Timișoara in June 2023.
The IKEA website recorded more than 28 million visits and more than 382,000 online orders, confirming the growing trend of consumers that make online purchases.
An important milestone for the company was reaching 1 million IKEA Family members – the number of people who joined company's loyalty program that offers a range of exclusive benefits, including special offers and various in-store events and workshops.
Among the top-selling products the HEMNES day bed was particularly popular in furniture segment, with over 7,500 units sold. In terms of home and decor styles, 65% of the products sold fell under the modern category across all three stores.
Key figures 2024 financial year:
- Total IKEA Retail sales: FY24: RON 1.402 billion (+12%), FY23: RON 1.252 billion.
- Total number of sold products: FY24: 26.5 million (65% pieces of furniture and 35% accessories) FY23: 22.7 million.
- Store visits: FY24: 6.02 million visits (+15%), FY23: 5.22 million visits.
- Online: FY24 28.2 million website visits and 382K online orders.
- Online sales increase: FY24: 5%, FY23: 6%.
- Growth: Opened the first Plan and order studio in Romania, in Constanta City.
- Digitalization: Launched IKEA Kreativ an intuitive AI experience app.