KUALA LUMPUR (Oct 8): IKEA Malaysia recorded a turnover of RM1.46 billion for its financial year 2024 ended August 2024 (FY2024), down 4.2% year-on-year (y-o-y).

In a press statement issued on Tuesday, Ikano Retail, the owner of IKEA Malaysia, announced a total turnover of RM5.18 billion for FY2024, reflecting a modest increase of 1.3% from the previous year. The company is currently operating in five key markets, with Singapore generating RM1.8 billion (+0.6% y-o-y), Malaysia at RM1.46 billion (-4.2% y-o-y), Thailand at RM1.35 billion (+3.9% y-o-y), the Philippines at RM664 million (-2% y-o-y), and Mexico at RM499 million (+20.8% y-o-y).  

“Worldwide, retail had a tough year, and so did we. But coming together to turn a challenge into an advantage is the very essence of our Ikano and IKEA company culture,” said Ikano Retail chief executive officer Christian Roejkjaer in the statement.

Despite mixed performances across its markets, the retailer is committed to lowering prices on essential and best-selling home furnishing items, food and services. 

“We’re passing on savings where we can because we know how tough it can be for households with thinner wallets,” said Roejkjaer, acknowledging the impact inflation and the rising costs of living have had on consumers. 

In line with the headquarters’ commitment, IKEA Malaysia has also lowered the prices of over 2,000 articles this year, and offered tiered pricing for deliveries to meet the different budget needs of customers.