Ikano Retail posts $1.2b in total turnover 

Ikano's three IKEA stores in Singapore reported a $274.62m turnover.

Ikano Retail, the owner of IKEA Singapore, reported a total turnover of $1.2b (EUR1.09b) for its 2024 financial year, a 1.3% increase compared to the previous year.

In Singapore, Ikano operates three IKEA stores—Tampines, Alexandra, and Jurong—and recorded a turnover of $274.62m (EUR250m), up 0.6% year-on-year, largely due to the strengthening Singapore dollar against the Euro.

CEO Christian Roejkjaer acknowledged the retail sector's challenges, citing inflation and rising living costs impacting consumer spending. “Worldwide, retail had a tough year, and so did we,” he said. “But coming together to turn a challenge into an advantage is the very essence of our Ikano and IKEA company culture.”

Ikano Retail is focused on lowering prices for essential home furnishing items, reducing prices on over 550 popular products as well as cutting delivery fees to support customers amid economic pressures.

In terms of product performance, storage solutions from the MALM, PAX, and BILLY families topped sales, with Singapore alone selling 34,867 BILLY bookcases. 

IKEA Food remained popular, attracting 14.5 million visits across its dining venues, though total food sales dipped by 3% due to global supply chain issues.