New stores deliver strong growth for Ikea Belgium

In its fiscal year 2016, Swedish Ikea group has managed to boost its turnover more than 7 % compared to the year before, with a 5 % like-for-like turnover increase. Online growth even reached 28 %, to almost 1.5 billion euro.

More than 2 million visitors for new stores

Ikea’s turnover reached 34.2 billion euro in its fiscal year 2016, up 7.1 % compared to the year before. On a like-for-like basis, the company achieved a 4.8 % turnover growth. “This has been another good year for Ikea Group, with 783 million visitors across all of our furniture stores”, CEO Peter Agnefjäll said.

Ikea Belgium achieved excellent growth, with an 11.2 % turnover growth to 836 million euro, mainly thanks to new stores in Hasselt and Mons. Together, these two stores attracted more than 2.1 million visitors since their opening. There was growth in other markets as well: China, Australia, Canada and Poland are some of the fastest-growing markets, but Germany is still the company’s largest market thanks to another period of record growth. Ikea says it is on track to become the world’s largest multichannel furniture store chain.

The company did not only do better in its physical stores, but also online. In the past fiscal year, its online turnover grew 28 %, which represents almost 1.5 billion euro according to Dutch website Twinkle. Right now, Ikea has an online presence in half of its markets, namely 14 out of 28.