The turnover of Ikea stores in Estonia grew to nearly 97 million euros
The turnover of Ikea stores in Estonia increased by nearly 6 million euros to reach close to 97 million euros in the last financial year.
Ikea stores in Estonia, managed by Runikon Retail, experienced a significant increase in their turnover during the last financial year, reaching approximately 97 million euros. This reflects a growth of nearly 6 million euros compared to the previous year. The company reported a profit of 5.6 million euros. Factors influencing this growth included a high Euribor rate, which led to decreased activity in the real estate sector and increased loan costs for consumers.
Despite these challenges, the report indicates that Estonian households are becoming more cautious due to geopolitical uncertainties and slow economic growth. Nevertheless, there is a noticeable trend where consumers are investing more in home office setups and upgrading living spaces, including children's and bedrooms, suggesting a shift in spending priorities among Estonian consumers, focusing on home improvement.
The previous year's turnover for Runikon Retail was approximately 96.957 million euros, marking a growth of about 6 million euros year-on-year. The majority of their sales revenue was derived from the retail of furniture and lighting fixtures, with 30 percent of the total turnover coming from these categories. This reflects the resilience of the home improvement sector in Estonia even amidst economic uncertainties.