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FY16 sales climb 7.1% at Swedish retailer Ikea
15
Sep '16
For the full fiscal ended August 31, 2016, total sales at Swedish home furnishings retailer Ikea Group, which welcomed 783 million shoppers to its worldwide store network, climbed 7.1 per cent year over year to €34.2 billion. Adjusted for currency impact, total revenue grew 7.9 per cent, while comparable stores sales increased 4.8 per cent.

According to Ikea, China remains one of the fastest growing markets together with Australia, Canada and Poland, while Germany retained its position as the largest market for Ikea.

Expansion also continued as per plans with the first stores in India and Serbia set to open in the current fiscal.

In order to become a complete omni-channel retailer, the company is increasing its focus on integrating physical and digital commerce, to enable customers to shop in ways that suits their needs.

In fiscal 2016, the Swedish retailer opened 12 new stores and 19 pick-up and order points, while putting efforts to create a flexible distribution network. (AR)

Fibre2Fashion News Desk – India

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