COMP NEWS – IKEA has announced more than $50 million in bonuses for employees in an attempt to attract and retain talent.
IKEA US has announced a $54.5m bonus payout to employees and reduced prices on hundreds of its products.
The company said the price cuts and bonuses were made possible through a ‘record year’ in sales in financial year 2023 (FY23).
During FY23, IKEA US said it surpassed $6.3bn in total sales – equating to 6.6% in revenue growth. The online platform of the company also witnessed a 3.3% surge in e-commerce and a 6.3% increase in online visitation.
The iconic furniture store will also implement price reductions in an attempt to win back consumers who have been frightened off my sticker shock.
In an effort to enhance affordability, IKEA US said it is implementing strategic price reductions on a myriad of products.
Items such as the BILLY bookcase will be discounted by 20% or more, with additional promotions throughout this month, including the ’24 Days of Deals’ and the company’s annual Winter Sale.
The brand said its commitment to accessibility extends beyond price reductions. Following a $2.2bn investment, IKEA US has expanded its presence, introducing new locations and pickup points in San Francisco, California, Arlington, Virginia, and Southlake, Texas, with plans for further growth in Fairfax, Virginia, Gaithersburg, Maryland, and Katy, Texas.
To read more about IKEA’s plan to dole out employee bonuses and win back customers, click here.
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