What: IKEA reported a "record year” of sales and celebrated with price reductions and bonuses for its workers.

Why it is important: The company is showing its  generosity toward its stakeholders by prioritising affordability for customers and rewarding its employees, thereby demonstrating a dedication to both consumer satisfaction and employee well-being.

The company experienced over USD 6.3 billion in total sales, featuring a 6.6% year-over-year revenue growth for the 2023 fiscal year, and notable increases in e-commerce sales and online visits.

In response to consumers' budgetary constraints, IKEA reintroduced its New Lower Price initiative, offering discounts on its products at U.S. stores and online. The company also plans to pay USD 54.5 million to its workers across two-thirds of its U.S. units as part of its "One Ikea Bonus" performance incentive program.

Ikea celebrates sales growth with lower prices