Time for the Swedish chef: Ikea’s furniture profits are down in Australia, but food sales are booming

Ikea’s food is cheap relatively affordable – a dish of Swedish meatballs will set you back $12. Photograph: Radharc Images/Alamy

It’s not unusual for a trip through one of Ikea’s labyrinthine stores to end with a $2 hotdog, but more Australians are skipping the flat-pack furniture altogether and heading straight to the dining section.

Ikea is seeing more growth from its in-store restaurants and food offerings than its home furnishings, according to its end-of-year results released last week, with its dining sales increasing by 5% in 2023-24 even as overall sales slumped.