The news: Ikea’s price cuts helped it preserve market share during a tough time for the home furnishings industry—but came at the expense of its revenues, which fell in fiscal 2024 for the first time in four years.
- Currency-adjusted sales fell 4% year over year (YoY) to €45.1 billion ($48.8 billion) in the 12 months ended August 31, per Bloomberg.
- However, the number of products sold increased and visits to the retailer’s stores and online channels rose by 4.5% YoY and 21% YoY, respectively, as shoppers responded positively to its lower prices.