Ikea sales lifted by Russia and China demand

Kasmira Jefford
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IKEA, the world’s largest furniture retailer, said yesterday it had gained market share in nearly all markets last year as it posted a 3.1 per cent rise in full-year sales.

The Swedish chain, which is viewed as a bellwether for global consumer demand because of its size, posted sales of €27.9bn (£23.7bn) in the 12 months to 31 August, while like-for-like sales grew by 1.8 per cent.

Peter Agnefjäll, who became Ikea’s fifth chief executive in its 70-year history last month, said: “Value for money is increasingly important to our customers – and our sales development shows that people all over the world appreciate our concept of good quality, well-designed products at low prices.”

Ikea said it enjoyed particularly strong growth in Russia and China and that it also made significant progress in North America.

“While southern Europe continued being affected by the current economic situation, the Ikea group continued gaining market shares in almost all markets,” the group explained in a statement.

The privately-owned company, which is famed for its self-build flat packs and huge stores, last year set a target to double sales to around €50bn by 2020.

It currently employs 139,000 people and has 303 stores around the world, which were visited by 690m people last year.

Ikea will publish its earnings figures and fuller accounts in January.

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