Ikea sees strong growth in 2016

Ikea Group has reported a boost in sales in the financial year to August 31, hitting a total of $37.6 billion (£28.4bn).

Sales increased by 7.1% when translated into euros and saw a 7.9% increase when adjusted for currency fluctuations

Peter Agnefjäll, president and chief executive of Ikea Group, said: “Ikea Group had another good year and welcomed 783 million visits to our stores. In all of our meetings with customers, we want to provide good quality products and inspiration for creating beautiful homes. Last year’s focus on the theme ‘It starts with the food’, covering kitchen, cooking, eating, and the food business, was a strong success and appreciated by the customers.”

China remains one of the fastest-growing markets for the company, alongside Australia, Canada and Poland. Germany retained its position as the largest market and was closely followed by the US.

Ikea Group has also revealed that its plans to open its first stores in India and Serbia are still on track over the coming year.

It also said it is increasing its focus on integrating physical and digital commerce to enable customers to shop in ways that suit their needs.

During the past year, Ikea has opened 12 new stores and 19 Pick Up and Order points.

Agnefjäll concluded: “In the coming year, we will put even more effort in providing a great Ikea experience for visitors across all channels. These efforts are only made possible by the engaged co-workers who have, as always, done an amazing job during the year.”

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