Ikea India’s loss widens to Rs 1,299 crore in FY24

Ikea India, a home furnishings retailer reported widening of losses to Rs 1,299 crore ($151.8 million) in the financial year 2024, as against Rs 1,133 crore in the previous fiscal year.

The company attributed the increase in loss to investments on its omnichannel expansion in the country.

Ikea’s revenue for the year from India rose by 5 percent to Rs 1,810 crore, as against Rs 1,732 crore in the financial year 2023, according to filings by the company at the Registrar of Companies.

Its total expenses for FY 24 stood at Rs 3,152.1 crore, as against Rs 2,895.3 crore in the last financial year.

“Ikea India maintained solid sales growth despite no price increase and lowering the prices on certain products in FY24. Our losses largely reflect the investment we are making towards our omnichannel growth,” said an Ikea spokesperson.

Ikea India currently operates large-format stores in cities such as Hyderabad, Navi Mumbai, and Bengaluru alongside its e-commerce operations in Hyderabad, Mumbai, Pune, Bengaluru, and Gujarat.