Ikea India net loss widens to Rs 720 crore, revenue up 65 percent at Rs 566 crore
Swedish furniture retailer Ikea India saw its net loss widen to Rs 720 crore ($97.5 million) in the financial year ended March 2020, as against Rs 685 crore it had reported in the financial year 2019.
However, the company’s revenue for the fiscal year grew by 65 percent to Rs 566 crore from Rs 344 crore in the previous fiscal, according to a filing by Ikea with the Registrar of Companies.
Ikea considers India as an important market for growth and plans to invest heavily over the next few years to tap into the potential of this market.
“India is an important market for IKEA. We are here in India for the long term. We are in the initial years of operations in the country where we are investing in our priority markets to offer customers an omnichannel experience, said Ikea India’s chief financial officer Preet Dhupar.
“The company continues to focus on opportunities to grow the business in existing channels and through opening new channels and units; focussing on the cities of Hyderabad, Mumbai, Pune, Bangalore, and Delhi NCR,” she added.
Ikea which is part of the Ingka Group has entered the Indian market with its first retail store in Hyderabad in August 2018, followed by online stores in Mumbai, Hyderabad, and Pune. It recently opened its second retail store in Mumbai last month.
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