Ikea reports rise in full-year sales

Swedish furniture retail giant Ikea on Tuesday said full-year net sales rose to a new high of 34.2 billion euros (38.4 billion dollars), noting strong growth in China, Australia, Canada and Poland.

Sales measured in euros rose 7.1 per cent for the 2016 financial year ending in August, a slowdown compared to the 11 per cent increase reported in the 2015 financial year.

Germany remained its largest market, closely shadowed by the United States, the unlisted retailer said.

In the past year Ikea opened 12 new stores and 19 pickup and order points worldwide, and in the coming year planned to open its first stores in India and Serbia.

The Ikea Group registered 783 million visits to its 340 stores in 28 countries during the 12-month period. In addition, over 40 stores are operated by other franchisees.

The company has stated its goal is to increase annual turnover to 50 billion euros by 2020.

More details are expected in the annual report due in December.

Last update: Tue, 13/09/2016 - 12:32

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