IKEA has achieved significant growth in the 2022-2023 business year

By: Trademagazin Date: 2024. 05. 28. 11:35

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IKEA achieved considerable success in the 2022-2023 business year in Hungary, where the net sales revenue from domestic sales reached HUF 146 billion, which represents a 12 percent increase compared to the previous year and a 33 percent increase compared to two years ago. The after-tax result showed an even more spectacular increase: it increased by 98 percent, reaching HUF 7.9 billion.

In parallel with the increase in sales revenue and profit, IKEA’s wage costs also increased. In 2020-2021, wage costs amounted to HUF 7.2 billion, while in 2022-2023 this amount increased to HUF 9.6 billion, which also represents a 33 percent increase. Compared to previous years, the increase in wages took place at a variable rate: while between 2020-2021 and 2021-2022 wages increased by 24 percent, between 2021-2022 and 2022-2023 the increase was only 8.8 percent.

Interestingly, IKEA has reduced the average number of manual workers in recent years, despite significant wage growth. Between 2021-2022 and 2022-2023, an average of 54 fewer manual workers were employed, while the number of white-collar workers increased. As a result, the average number of employees fell to 1,606, which is a three-year low.

The increase in the amount spent on employees is also noteworthy. In 2022-2023, one employee cost the company an average of HUF 497,583 gross per month, compared to the averages of HUF 442,000 and HUF 370,000 in previous years.