IKEA U.S. Reports Steady Performance And Accelerated Transformation In 2020
- Wall Street closes lower as virus spike hits travel stocks
- Netflix (NFLX) Tops Q1 EPS by 78c, Subs Miss
- Analysts Positive, Raise PTs as IBM (IBM) Tops Market Estimates and Reaffirms Guidance
- Boeing (BA) Down 3% After CFO - Aged 54 - Retires, Seen as an 'Odd' Move
New report highlights how IKEA navigated the pandemic, transformed its business operations, and supported its co-workers, customers and communities
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
CONSHOHOCKEN, Pa., Jan. 26, 2021 /PRNewswire/ -- Today, IKEA Retail U.S. released its 2020 Annual Summary, highlighting how the company continued to transform its business during the pandemic to become more accessible, convenient and sustainable for the many. Covering the fiscal year (September 1, 2019 – August 31, 2020), the report outlines how IKEA Retail U.S. balanced the needs of the business, its co-workers and communities while meeting the new demands of customers as they rediscovered a new meaning to life at home.
"More than ever before at IKEA Retail U.S., we were driven by our shared values and purpose – not by profits – and I'm proud that we put our people first by supporting our 18,000 co-workers and the local communities we operate in," said Javier Quiñones, President & Chief Sustainability Officer, IKEA Retail U.S. "We were able to come together, transform our business and help create a better everyday life for the many at a time when life at home has never been more important."
The pandemic presented many unexpected challenges– including the decision to close all stores for the safety and well-being of co-workers and customers in March. IKEA quickly adjusted its business model and put measures in place to operate safely under the new conditions. The 2020 Annual Summary highlights how during this pivotal time IKEA accelerated its business transformation, continued its expansion into city centers, focused on co-workers and making IKEA a great place to work, and advanced its commitments to have a positive impact on people and the planet.
Additional highlights from the 2020 Annual Summary include:
IKEA Retail U.S. saw strong sales and performance in FY20 as it accelerated its transformation.
- $4.7 billion in total sales, including a 32 percent increase in e-commerce sales.
- 60 million visitors to stores and more than 490 million visitors online.
- Converted 50 stores to safely fulfill online orders via curbside Click & Collect and Click & Deliver
- Created a Digital Hub in the U.S. to further develop digital capabilities, especially in e-commerce, to meet the needs of customers.
- Continued expansion into city centers with the planned opening of IKEA Queens in New York City (officially opened on January 11, 2021).
IKEA led with its values and put co-workers first, while also taking care of customers and local communities.
- Provided $3 million in IKEA grants for co-workers who needed additional financial support due to unexpected hardship and medical expenses.
- Donated more than $1.6 million in product donations and supplies to hospitals and organizations supporting COVID-19 relief efforts.
- Partnered with state governments across 27 states to return funds equivalent to the unemployment insurance paid to furloughed co-workers through the "Pay it Forward" program, so those funds could be reallocated to support ongoing relief efforts in local communities.
As a purpose-led brand, IKEA delivered on its aims to have a positive impact on people and the planet.
- Produced 1,069,156,300 kWh of renewable energy, which far outpaced the amount of energy used in its U.S. locations.
- Committed $3 million to assist organizations that support social justice, economic empowerment, and education initiatives for Black communities.
View original content to download multimedia:http://www.prnewswire.com/news-releases/ikea-us-reports-steady-performance-and-accelerated-transformation-in-2020-301215074.html
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Football for Friendship launches application process for participation in its Ninth Season
- Parcrest Advisors Successfully Completes Industrial Distribution Transaction with Commercial Energy Specialists Receiving a Strategic Investment from Turning Basin Capital
- Electrolux Announces $300,000 Gift to Anderson University During S.C. Governor's Visit