Swedish furniture giant IKEA Group has reported another ‘solid’ year as 12 new openings contributed to the continued growth.
According to its latest financial results for FY2016, total sales increased by 7.1% to €34.2bn (£29.1bn). Adjusted for currency impact, total sales increased by +7.9%, whilst sales in comparable stores grew by 4.8%.
IKEA Group stated that China remained its fastest growing market, whereas its Australian, Canadian and Polish markets all registered significant growth.
Germany retained its position as the largest market, closely followed by the US, and showed another year of record growth. IKEA also confirmed that expansion plans are ‘on track’ to open the first stores in India and Serbia during the coming year.
IKEA has 19 stores in the UK, with new outlets planned for Exeter, Sheffield and southeast London.
Peter Agnefjäll, president and CEO of IKEA Group, said: “IKEA Group had another good year and welcomed 783 million visits to our stores. 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.
“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.”
The IKEA Group Yearly Summary, which gives a full account of the performance for the year, as well as the IKEA Group Sustainability Report, will be published in December 2016.