Ikea turnover aided by Russian and Chinese sales | RetailDetail

Ikea turnover aided by Russian and Chinese sales

Ikea turnover aided by Russian and Chinese sales

Swedish furniture giant Ikea has managed a 3.1 % turnover increase in its fiscal year 2012/2013, which ended last August. It has brought in 27.9 billion euro, mostly thanks to increased Russian and Chinese sales.

Almost every market grew

Ikea’s growth is partly because of its expanded network: excluding store openings, the growth is a mere 1.8 %. However, Ikea says that the growth can be found in pretty much every market: “Affordable quality is becoming increasingly important for our customers”, states CEO Peter Agnefjäll.

 

Its largest increases were found in China and Russia, but considerable advances were also made in North America, according to Ikea. Southern Europe is still struggling with the effects of the economic situation.

 

Goal: a 50 billion euro turnover by 2020

Ikea aims to increase its turnover growth considerably the next few years, to get a 50 billion euro turnover by 2020. It will be opening new stores to achieve that goal, especially in emerging countries. The online sales also have to contribute to the huge number.

 

Currently, the Swedish chain has 303 stores worldwide, with 6 in Belgium and 12 in the Netherlands. In the past fiscal year, 690 million customers visited an Ikea.

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