IKEA closed fiscal year 2024 in Spain with setbacks both in income and profitability. The Swedish company, specializing in home furniture, ended with an income of 1,931.7 million euros, 1% less, despite raising 2% the volumes marketed, as explained in a statement. An effect produced by the “effort to reduce the prices of its products and services,” he argues.
This is the first setback in Ikea’s billing since 2020, when the pandemic forced him to close his physical points of sale for several months. IKEA details that in the last two years he has allocated 103 million euros to lower the prices of some references. A policy that will continue during the next year, although it does not specify in what amount.
In its last fiscal year, completed in August 2024, the sales of their food and restoration business line, which reached 77.2 million euros, 8.7% more. Also the online business, which improved its figures by 4% to 482.7 million, and that already represents 25% of its total sales.
The lower sales have implied a drop in the benefits of the Iberian subsidiary. This ended the course with a net gain of 134 million euros, 9.6% less, although it is the second largest benefit reaped by the company in the last 10 years.
The company figure in 38 million euros its investment in its stores, of which 26.8 million allocated to the improvement of the presentation of the offer to the visitor and 11.2 million to finance sustainability projects and improvement of buildings. During 2024 he launched its IKEA Home Platform, and the second hand Ikea Preowed, which has more than 160,000 accumulated visitors.
Ikea had at the end of the last year with a template formed by more than 9,600 people, who experienced an average salary improvement of 6.7%.
The 2024 fiscal year was the last one led by Nurettin Care in his position as general director of Ikea Spain. Last week, the company confirmed its relay, being replaced interim by the financial director, Fatima García de Viedma, until the Swedish firm designates its successor to lead the market in Spain. Care added three and a half years in the position. The company argued its departure as part of the general directors rotation process in the countries where it is present.
