Thailand
Ikea Singapore rakes in S$341m revenue for FY19, South-east Asia turnover up 20%
SWEDISH home furnishing retailer Ikea achieved a turnover of S$341 million in Singapore for fiscal 2019 ended Aug 31.
For the wider South-east Asia region, total revenue climbed by 20 per cent to reach S$1.21 billion for FY2019 from S$1 billion a year ago, according to the regional financial results released on Wednesday evening by global franchisor, Inter Ikea Group. Total revenue comprises retail sales as well as rental income generated from the three Ikea-anchored malls in the region.
In South-east Asia, Ikea owns and operates stores and e-commerce businesses in three markets: Singapore, Malaysia and Thailand.
In Singapore, it has two full-format stores, in Tampines and Alexandra. During the fiscal year, the company also opened an in-store interior design service touchpoint at the Alexandra outlet, servicing more than 1,000 customers and collaborating with Singapore freelancers and Livspace.com.
The Malaysian business raked in S$495 million in full-year revenue, while Thailand brought in S$374 million.
Meanwhile, Ikea South-east Asia delivered 353,000 orders to homes within the three regional markets for FY2019, up 38 per cent from a year ago.
Business sales – to customers who furnish and decorate everything from restaurants to apartment show suites with Ikea products – increased by 42 per cent year on year for the region.
Visits to Ikea South-east Asia’s websites totalled 51.7 million, up 16 per cent from the previous year.
Two new Ikea stores – in the Philippines and Mexico – are under construction, the company said on Thursday. The Ikea-anchored Toppen Shopping Centre in Johor Bahru, Malaysia, is also set to open in November this year.
Christian Rojkjaer, managing director of Ikea South-east Asia, said on Wednesday: “We face increasing competition and changing customer behaviours, but our vision to create a better everyday life for many people is more powerful than ever.”
“We aim to offer the best deal there is in every market and we have a wide price ladder within our range so, even in challenging times, Ikea has something for everyone no matter the size of their wallet,” he added.
Source: https://www.businesstimes.com.sg/consumer/ikea-singapore-rakes-in-s341m-revenue-for-fy19-south-east-asia-turnover-up-20