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IKEA Australia sees visitation increase and $51.3 million profit in FY24

Corporate news18 December 2024
In FY24, IKEA Australia achieved $1.725b sales with a profit of $51.3m (after tax).

In a challenging retail environment, we welcomed even more visitors to IKEA Australia. Store visitation was up by 2%, with almost 350,000 more visitors to our stores and Plan and Order Points, while online visitation rose 16% to 105.6 million visits in FY24. 

Sometimes referred to as the 11th IKEA store, Remote Customer Selling, where customers can place an order with an IKEA specialist over the phone or online chat, experienced 23% growth with over $43 million higher sales than FY23. 

Unlike businesses that must be focused on their shareholders, our profits only have two possible destinations: either it goes back into improving our stores, products and business – or it helps create change through IKEA Foundation. At a time when other retailers were raising their prices to secure profit margins, over the past two years, we have committed $125 million in price reductions on over 3,000 items, with the goal of restoring our prices to their pre-pandemic levels by the end of 2025. And our customers are responding. In FY24 we’ve seen a 23% growth in volume* on these lower-priced items.

This has not been a quick discount, but a commitment to lower prices and to keep them down, helping Australians create a better everyday life at home. 

We have an ambition to make shopping with IKEA even more accessible to customers living in regional locations, recently opening a Pickup point in Newcastle, and more locations planned in FY25, creating a more convenient and affordable way for customers to receive IKEA orders.

With our belief that it is good business to be a good business, we continue to invest heavily in sustainability initiatives, including three onsite solar PV projects during 2024 and 2025 that will see a further 2.5MW of solar generation at IKEA Canberra, IKEA Marsden Park, and the Distribution Centre in Marsden Park.

Next year marks the 50th anniversary of IKEA in Australia. For 50 years we have enabled our vision to create a better everyday life for the many Australians with high quality, beautiful home furnishings at prices so low, as many people as possible can afford them. We look forward to helping even more Aussies fulfil their dreams of a better everyday life at home in the future, as we grow in and with our communities across the country. 

*quantity/pieces sold

Key figures:

  • Total IKEA Australia sales: FY24: $1.725b (-3.17% FY23 $1.782b)
  • Profit (after tax): FY24 $51.3m
  • Income Tax paid FY24: $40m (effective tax rate 30.1%)
  • Online share: FY24: 28.2%
  • Remote shopping: FY24 +23% 
  • Store visits: FY24: 17, 160, 174 (+2% increase FY23)
  • Pieces sold: FY24 72.5 million (2%increase)