Swedish furniture and home furniture retailer Ikea’s Indian unit’s net loss widens 902.8 crore in FY22. From 809.8 crore in the previous year, according to financial data accessed by business intelligence platform Toffler.
Ikea India unit’s revenue from operations up 77.07 percent 1,076.1 crore in FY22. From 607.7 crore during the financial year ended March 2021.
The company’s revenue from ‘other income’ was more than twice 48.2 crore in FY22.
of Ikea India Total income up 73.1 percent 1,125.5 crore in FY 2012, from 650.2 crore in the year-ago period.
The company’s total operating expenses excluding interest, depreciation and amortization also increased by 45.62 per cent. 1,590.8 crores.
During FY 2012, expansion planning and operations were affected due to the global COVID-19 pandemic, Ikea India said in its financial report.
“However, the company not only managed its operations effectively but also extended its support to the society through its various partners to help those in need and reduce the spread of the pandemic. The company also protected its co-workers. while managing its operations,” it said.
“The company has continued to perform well, and the management is also optimistic about the future prospects,” the company added.
During FY22, the company continued to work on its plans towards the positioning, growth and profitability of Ikea’s omni-channel business in India.
Ikea operates three large format stores in Hyderabad, Navi Mumbai and Bangalore. The company also sells online in Mumbai, Pune, Hyderabad, Gujarat and Bangalore.
In FY22, Ikea India’s focus is on Hyderabad, Mumbai, Pune, Bengaluru and Delhi NCR.
Responding to a query, a company spokesperson said that India is an important market for Ikea.
“We are in India for the long term and are still in the early years of operations, where we continue to invest in omni-channel expansion in our priority markets. We almost doubled sales in India over the last year And we will continue to focus on reaching out to many people in India with our accessible, affordable, sustainable products and solutions that are relevant to life at home,” the spokesperson said.
Ikea opened its first store in India in 2018 in Hyderabad.
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