Ikea India reports net loss of Rs 902 Crore in FY22
Swedish home furnishings retailer Ikea's India reported a net loss of Rs 902 crore ($109.5 million) for the financial year 2022, as against a net loss of Rs 809 crore it reported in the previous fiscal year.
However, the company’s revenue for the year rose by 77 percent to Rs 1,076 crore, as against Rs 607 reported in the financial year 2021. Its total operating expenditure for the year was Rs 1,590 crore.
The company attributed the widening of loss to the disruptions caused by the global Covid-19 pandemic and continues to remain optimistic about its prospects in the Indian market.
"We are in India for the long term and still in the initial years of operations, where we continue to invest in omni-channel expansion in our priority markets. We have almost doubled sales in India over the last year and we will continue to focus on reaching the many people in with our accessible, affordable, sustainable products and solutions that are relevant to life at home in India," an Ikea spokesperson told PTI.
Ikea which is part of the Ingka Group entered the Indian market with its first retail store in Hyderabad in August 2018. It currently operates three big format stores in Hyderabad, Navi Mumbai, and Bengaluru. Besides, it also sells online in Mumbai, Pune, Hyderabad, Gujarat, and Bengaluru.
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