"Accounts filed at the Companies Office show that pre-tax profits at IKEA Ireland Ltd decreased sharply as revenues dipped by 2.4pc from €252.4m to €246.46m in the 12 months to the end of August 2024 against the background of "a slowing home furnishing market". The firm's profits plunged as its overall costs rose by 4pc from €230.71m to €240.07m in fiscal 2024 which coincided with the company opening its first distribution centre in Ireland at Rathcoole in April 2024 employing over 200 people."
"The directors state that "in 2024, despite economic challenges and a slowing home furnishing market, IKEA Ireland remained committed to long-term, purpose-driven growth". They state that "rather than prioritising short-term profits, IKEA focused on increasing affordability, accessibility, and sustainability to improve everyday life for more people"."
IKEA Ireland Ltd reported revenues of €246.46m in the 12 months to August 2024, a 2.4% decrease from €252.4m, amid a slowing home furnishing market. Overall costs rose 4% to €240.07m, coinciding with the opening of a Rathcoole distribution centre in April 2024 that employs over 200 people. Dividend payments rose to €20m from €11m the prior year. Sale of goods fell 3% to €237m while services increased to €9.4m. IKEA invested over €10m in lower prices, reduced prices on a third of its range, and increased base pay for hourly and salaried co-workers.
Read at Irish Independent
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