IKEA, Record Sales in 2016

Economy Nilgun Salim
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In 2016, the Swedish group registered a total income of 34, 2 billion euros.

‘IKEA Group had another great year, welcoming 783 million visitors in their stores. We wish to provide customers quality products and serve them as an inspiration to make their homes more beautiful’, said President and CEO Peter Agnefjall.

When it comes to record sales, the giant furniture retailer the leader is still China.

The Asian state remains one of the most influential and fastest growing markets in the Swedish chain. Germany maintains its position as the largest, followed by the United States. Also, since their grand openings, in 2016 these two countries reported record sales.

The representatives announced that in the upcoming year they plan to open their first stores in India and Serbia.

According to the company, their last reports registered a 4,8% rise in August. In their previous financial year, the sales increased by 11% .

Apparently, the group’s main purpose is to achieve sales worth 50 billion euros until 2020.

Currently, the Swedish retailer has 340 stores in 28 countries and last year had 783 visitors to its offer stores.

IKEA Group is a franchisee of brand owner Inter IKEA Group. Besides the stores, it owns 41 indoor shopping malls and 25 outdoor retail spaces, the latter of which are up for sale. IKEA Group and Inter IKEA Group are controlled by Netherlands and Liechtenstein-based foundations.

According to Reuters, IKEA, known mostly for its self-assembly furniture, is also experimenting with smaller outlets that are mainly pick-up and order points, with 22 now open compared with three a year ago.