Swedish retailer Ikea has announced it is planning to expand its presence in Ireland after seeing record revenues and profits in its Dublin store last year.
Ikea saw pre-tax profits from its Ballymun outlet almost double to €13.1 million (£10.2m) last year, with revenue rising by 17% to €131.9m. It was also its busiest year since its first full year in 2009/10, when profits hit €11.4m.
“We are pleased to report positive growth in the Ikea Dublin store in financial year 2015,” said store manager Marsha Smith. “What we have seen over the past few years is that where we invest, we see growth – whether in improving the shopping experience for our customers, lowering our prices or developing and rewarding our people.
“In the past year, we have continued to invest in the in-store shopping experience and undertaken rebuilds of our bedroom, bathroom and cooking and eating departments.
“We have also invested in lowering our prices across the range, as we look to provide home furnishings to as many people as possible, no matter how much money they have.”
Regarding expansion plans, Smith said: “Ikea is committed to expanding in the Irish market and has been identifying sites in Ireland for a potential second store.”
“Looking forward, we will continue to focus on helping families in Ireland live a better everyday life by showing inspirational and affordable products and solutions,” she said. “In particular, we will be focusing on our kitchens business and continuing to improve our services such as home delivery and kitchen assembly.”
The Irish unit saw total accumulated profits of €28m at the end of August last year, with the firm’s cash tallying €4m.
The directors said that they anticipate that the level of activity and profitability in future years “will continue to be in line with expectations”.