Ikea to invest €60 million in Portugal
Ikea has announced that it will boost investment in Portugal by €60 million after sales grew by 11% in the 2023 tax year.
Ikea Portugal achieved sales of €611 million for the tax year that ended on August 31, representing a growth of 18.8% compared to the €552 million achieved in the like-for-like period, and at a rate higher than the group’s overall growth worldwide.
“Ikea Portugal sales are a reflection of the growing importance of the home in people’s lives and also our continued investment in improving our customers’ shopping experience”, says Helen Duphorn who heads the company in Portugal.
At an international level, the Ink Group, that owns Ikea, registered sales of €41.7Bn for the 2023 tax year, up 5.7% on 2022.
The company said it would also continue its investment strategy commitment in Portugal despite he current uncertain economic and geopolitical context. The brand has €60 million to invest in Portugal for the coming tax year that begins on September 1 as the company marks its 20th anniversary in the country.
Some of these investments have been earmarked for price slashing with Ikea Portugal announcing an investment of €13 million to reduce the price of its products over the tax year.