IKEA India's net loss widens 114% to Rs. 368 crore in FY18 - ETBrandEquity.com

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IKEA India's net loss widens 114% to Rs. 368 crore in FY18 - ETBrandEquity.com

IKEA India's net loss widens 114% to Rs. 368 crore in FY18 - ETBrandEquity.com

Posted: 03 Jan 2019 05:52 AM PST

IKEA India's net loss widens 114% to Rs. 368 crore in FY18

IKEA India Private Limited, part of Swedish retail firm's net loss widened 114% to Rs 368 crore, for the year ended March 2018, as per financial data accessed by business intelligence platform, Tofler. The company's net loss stood at Rs 172.2 crore in FY17. Total revenue too declined 17.6% to Rs 41.5 crore in FY18. The retailer had reported revenues of Rs 50.4 crore in FY17.

IKEA, in an email statement sent to ET BE, said "IKEA is in an investment phase in India. It remains on track to invest Rs. 10,500 crores in the coming years to build a multi-channel experience and a strong team, in line with its new retail direction. Investments will continue to be greater than revenues for the next few years as we gradually build our retail operations across several states. IKEA India's first store opened in Hyderabad in August 18. The second store will open in Mumbai during 2019."

It should be noted that revenue from operations has remained nil during both the financial years - FY17 and FY18, with the retailer generating revenue from other income.

The retailer reported 60.2% increase in employee benefit cost to Rs 204 crore in FY18, while total expenses rose 84.2% to Rs 409.6 crore.

In October 2018, IKEA India announced that it will open its third store in Bengaluru. The company at the time said that Karnataka is one of the key markets adding that it will invest more than Rs 2,000 crore in the long run. Also close to Rs 1,000 crore will be invested in its first Bengaluru store. The store will employ 800-1,000 direct co-workers and engage another 1,500 indirectly in services.

Further in December signed a memorandum of understanding (MoU) with the Uttar Pradesh government to invest Rs 5,000 crore in setting up an 'integrated commercial project' and opening stores in the state. The investment is expected to help create 8,000 direct and indirect jobs over the year.

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