![\"Ikea](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2026\/01\/cfb49135-a31b-4448-ab17-aff561db46e3.jpg\")
<\/p>\nAccounts filed at the Companies Office show that pre-tax profits at Ikea Ireland Ltd decreased sharply as revenues dipped by 2.4pc from \u20ac252.4m to \u20ac246.46m in the 12 months to the end of August 2024 against the background of \u201ca slowing home-furnishing market\u201d.<\/p>\n
The firm\u2019s profits plunged as its overall costs rose by 4pc from \u20ac230.71m to \u20ac240.07m in fiscal year 2024, which coincided with the company opening its first distribution centre in Ireland at Rathcoole in April 2024, employing over 200 people.<\/p>\n
The company paid dividends of \u20ac20m in 2024 compared with a dividend payout of \u20ac11m in the prior year.<\/p>\n
\u201cIn 2024, despite economic challenges and a slowing home furnishing market, Ikea Ireland remained committed to long-term, purpose-driven growth,\u201d the directors state.<\/p>\n
\u201cRather than prioritising short-term profits, Ikea focused on increasing affordability, accessibility and sustainability to improve everyday life for more people.<\/p>\n
\u201cOver \u20ac10m was invested in lower prices while significant steps were made to expand access to products and services.\u201d<\/p>\n
The company said it lowered prices across a third of its product range.<\/p>\n
\u201cWhile this investment impacted negatively our FY24 revenue, which decreased by 2.4pc, it was the right thing to do,\u201d the directors state.<\/p>\n
The accounts show that sale of goods reduced by 3pc from \u20ac244.07m to \u20ac237m while sales of services increased from \u20ac8.3m to \u20ac9.4m.<\/p>\n
\u201cWe continued to invest in our co-workers and implemented an increase in base pay for hourly co-workers (+10pc) and salaried co-workers (+5pc),” the directors state.<\/p>\n
<\/p>\n
Ikea Dublin. Photo: Getty<\/p>\n
News in 90 seconds, Tuesday January 20<\/p>\n
Total administrative expenses increased by 16.3pc compared with the prior financial year, from \u20ac56.17m to \u20ac70.1m.<\/p>\n
Overall, the company\u2019s gross margin increased slightly from 30.9pc to 31pc despite the decrease in revenue.<\/p>\n
\u201cThis improvement was driven by better purchasing prices, optimisation of our fulfilment network and cost efficiencies,\u201d they state.<\/p>\n
\u201cWe saw a 4pc rise in furniture click-and-collect orders through stores and mobile pick-up points, off-setting a 4pc decline in truck delivery volumes.\u201d<\/p>\n
The company said it is continuing to expand in Ireland. <\/p>\n
\u201cWe strongly believe that FY24 formed a strong base for the years to come in terms of increased co-worker engagement, improved customer satisfaction and growth in market share. We made major strides in our journey to become more accessible, affordable and sustainable and we are in a strong position to build on these achievements in FY25 and the years to come,\u201d the directors state.<\/p>\n
The business’s operating profits decreased by 69pc from \u20ac22.44m to \u20ac7m. After taking into account net interest payments of \u20ac99,682, the firm recorded the pre-tax profit of \u20ac6.91m. A dividend received of \u20ac1m in the prior year did not re-occur in 2024.<\/p>\n
The company’s gross interest payable bill for 2024 included \u20ac28,466 in “penalty interest payable to tax authorities”.<\/p>\n
The firm recorded post-tax profits of \u20ac5.43m after incurring a corporation tax charge of \u20ac1.47m.<\/p>\n
Numbers employed by Ikea Ireland increased by 12 from 732 to 744 as staff costs remained at \u20ac23.99m.<\/p>\n
Aggregate pay to directors increased from \u20ac271,466 to \u20ac342,284.<\/p>\n
The profits take account of non-cash depreciation costs of \u20ac3.06m while operating lease charges declined from \u20ac2.86m to \u20ac2.38m.<\/p>\n
Shareholder funds totalled \u20ac32.57m that included accumulated profits of \u20ac27.57m. Cash funds decreased from \u20ac945,957 to \u20ac312,834.<\/p>\n","protected":false},"excerpt":{"rendered":"Accounts filed at the Companies Office show that pre-tax profits at Ikea Ireland Ltd decreased sharply as revenues…\n","protected":false},"author":2,"featured_media":294347,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,18,19,48305,17],"class_list":{"0":"post-294346","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ikea","12":"tag-ireland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115928767143752433","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/294346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=294346"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/294346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/294347"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=294346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=294346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=294346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}