Ikea India’s net sales/revenue from operations went up by 77.07 per cent to Rs. 1,076.1 crore in FY ’22 compared to Rs. 607.7 crore of fiscal year 2020-2021.
According to financial data accessed by business intelligence platform Tofler, the company recorded a net loss of Rs. 902.8 crore in FY ’22 compared to the net loss of Rs. 809.8 crore in the preceding year.
The furniture and home furnishing giant’s revenue from ‘other income’ was up over two folds to Rs. 48.2 crore in FY ’22.
Ikea opened its first store in India in 2018 and is now operating three big format stores in Hyderabad, Navi Mumbai and Bengaluru. It also sells online in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru.
During FY ’22, the company continued to work on its plans towards positioning, growth and profitability of Ikea’s omnichannel business in India.
The spokesperson of the company said, “We are in India for the long term and still in the initial years of operations, where we continue to invest in omni-channel expansion in our priority markets. We have almost doubled sales in India over the last year and we will continue to focus on reaching the many people in with our accessible, affordable, sustainable products and solutions that are relevant to life at home in India.”
