IKEA Canada reports continued growth in Fiscal Year 2023 as more Canadians prioritize quality and affordability when choosing where to shop
IKEA Canada achieved growth of 10.9 per cent as sales climbed to $2.9 billion
BURLINGTON, ON, Nov. 8, 2023 /CNW/ - Today, IKEA Canada released its Summary Report for Fiscal Year 2023, highlighting the company's continued growth and commitment to making quality and affordable home furnishings more accessible to the many Canadians. The report reveals sales increased by 10.9 per cent to $2.9 billion in the financial year ending August 31, 2023, while national store visits increased by 6.3 per cent to 28.6 million.
With eight decades of global retail experience and over four decades in the Canadian market, IKEA Canada is focused on accelerating its business transformation to deliver a seamless customer journey across all customer meeting points. This includes introducing new ways to shop, enhancing store experiences, bolstering digital capabilities and services, and optimizing fulfilment networks for improved product availability.
"We know that more Canadians want quality and affordable home furnishings, especially given the current cost-of-living crisis," said Selwyn Crittendon, CEO and Chief Sustainability Officer, IKEA Canada. "We're energized to be bringing touchpoints closer to where Canadians live and work, while strengthening our commitment to supporting the communities we serve and to our shared home, the planet."
This year, IKEA Canada:
- Announced plans to invest over $400M into projects that will transform its fulfilment networks in the Greater Vancouver and Toronto areas.
- Opened its new Beauharnois facility, the first Canadian Distribution Centre in over three decades.
- Launched a new and intuitive AI experience, IKEA Kreativ that enables its customers to integrate and visualize design solutions in their own living spaces for free via the IKEA app.
- Installed 14 new EV chargers dedicated for home delivery trucks, which enabled over 38,500 zero emission home deliveries across Canada.
IKEA Canada leverages decades of life at home experience to help the many Canadians assemble spaces that fit their ever-changing needs. In keeping with its commitment to make home furnishings more affordable, the company aims to expand its service offerings to include financial services to meet the needs and dreams of the many Canadians. IKEA is also committed to ensuring its customers have access to quality and inspiring solutions whenever and wherever they choose to shop, while leading with purpose and putting a strong emphasis on supporting its people.
"Our co-workers are the heart of our business, and that's why we've made a commitment to building a lifelong relationship with all 7,200 of them," said Tanja Fratangeli, Head of People and Culture, IKEA Canada. "As a purpose-led brand, we've implemented various programs and resources to put their health and well-being at the forefront, including a flexible work approach that helps to strengthen our bonds, fuel innovation, and uphold the unique culture that defines us as IKEA. We've also promised to stand by our co-workers, especially as cost-of-living increases. That's what we will continue to do today, and in the future, to make IKEA a great place to work for generations to come."
Other key findings in the Summary Report include:
- While store visits increased over the previous year, online shopping continues to play an important role in the IKEA Canada business. Customers made 166.4M online visits to IKEA.ca and the IKEA app between September 2022 and August 2023.
- 1.61M orders were delivered, while 602,260 Click and collect orders were processed.
- Food sales increased 27 per cent to $123M, with Canadians enjoying more than 15.6M meatballs, 2.1M plant balls, 3M hot dogs and 1.7M frozen yogurts.
- The number one product family in Children's Storage is TROFAST. This year, the company sold over 750,000 pieces of TROFAST which equates to $11.4M in sales.
- One of the top selling chests of drawers in Canada is the HEMNES 8-drawer dresser. Customers not only use this in their bedroom, but also in other areas of the home including hallways and living rooms.
To learn more about the results achieved by IKEA Canada in Fiscal Year 2023, visit IKEA.ca/Reports.
Founded in 1943 in Sweden, IKEA is a leading home furnishing retailer, offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible can afford them. IKEA Canada is part of Ingka Group which operates 379 IKEA stores in 31 markets, including 16 in Canada. Last year, IKEA Canada welcomed 28 million visitors to its stores and 166 million visitors to IKEA.ca. IKEA Canada operates business through the IKEA vision - to create a better everyday life for the many people and does so through its local community efforts and sustainability initiatives. For more information on IKEA Canada, please visit IKEA.ca.
SOURCE IKEA Canada Limited Partnership
For media inquiries: Lisa Huie, PR Leader, IKEA Canada, [email protected]
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