IKEA Reduces Prices & Bonus Payout to Co-workers Following FY23 Result

As a result of an outstanding sales performance in fiscal year 2023 (FY23), IKEA U.S. has announced a $54.5 million bonus payout to employees and reduced prices on hundreds of its products. And the customers will enjoy new lower prices — all ahead of the holidays.

IKEA store

In FY23 (September 2022 - August 2023), IKEA U.S. had a record year achieving over $6.3 billion in total sales of goods and services, marking a 6.6% growth in revenue from the previous year. E-commerce was also up by 3.3% and online visitation increased by 6.3% year-on-year.

“We are proud to share the success of another strong sales year with our co-workers and customers. When times are tough, we view it as our responsibility to provide quality and affordable home furnishing solutions and services that make everyday life at home a little easier,” said Javier Quiñones, CEO & Chief Sustainability Officer, IKEA U.S.
“Lowering prices is not just a promotion, it is our promise to our customers. Our priority is to remain as affordable as possible and continue reducing prices whenever we can to ensure that our products are accessible to all and that dream homes are within reach for the many.”

Caring for co-workers

Alongside the reveal of sales figures, Ikea U.S. will disperse a total of $54.5 million to co-workers across two-thirds of Ikea U.S. units as part of “One Ikea Bonus,” a performance-based payout. The program is an incentive system for all Ikea co-workers, based on the Ikea values of simplicity and togetherness, with everyone in each location working toward the same objectives.

“Our co-workers are the heart of Ikea, and our success in the U.S. is a reflection of their commitment to our values and vision,” said Neena Potenza, chief human resources officer, Ikea U.S.

In early 2023, IKEA U.S. announced that it was investing $2.2 billion to grow its presence in the U.S. Accordingly, there are now over 20 new stores across various locations.

Source: IKEA


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