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Ikea on track for 50 billion euro sales goal
09
Jun '16
Swedish home furnishing major Ikea Group expects sales growth of about 8-10 per cent in its current financial year, leaving it on track to reach its revenue target of 50 billion euros ($56.9 billion) in 2020, its top executive said.

"We are on that journey. That means we need to grow 8-10 per cent annually to reach it and that is probably roughly where we'll land this year," Ikea CEO Peter Agnefjall told Reuters.

"We are well on track to realise the plans we have."

Speaking on the sidelines of a design event in the small, southern Swedish town Almhult where Ikea opened its first set up shop, Agnefjall said trends in demand remained similar to last year, with a continued recovery in its biggest market, Europe.

The company reported an 11.5 per cent sales rise to 32.7 billion euros in its previous fiscal year, which runs through the end of August.

Online sales at the home furnishing giant, which last fiscal year totalled about 1 billion euros, were expected to grow around 40 per cent this year, roughly equalling annual growth in the previous three years, Agnefjall said.

In China, a key growth market for Ikea, the company was little affected by a wider economic slowdown, he added.

"There has been talk for three years that China is slowing down. We don't see those signs," he said.

In Russia, where Ikea once expanded rapidly, investments remained on hold, he said. But its India operations are on track with its first store scheduled to open in Hyderabad next year. Ikea is also close to finalising deals to buy land in New Delhi, Bangalore and Mumbai. (SH)

Fibre2Fashion News Desk – India

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