Ikea FY Net Up; U.S. Same-Store Sales Climb
January 29, 2014,
CONSHOHOCKEN, Pa.-In an atmosphere of healthier consumer spending, Ikea posted a 3.1 percent increase in overall net income for fiscal-year 2013, to EUR3.3 billion ($4.2 billion).
The home furnishings retailer said improved consumer spending fueled its results in several international markets--including the United States, where same-store sales for the fiscal year rose 6.7 percent. Ikea also enjoyed strong growth in China and Russia, according to a statement from the retailer. Its fiscal year ended last Aug. 31.
"Consumer spending is improving in many countries," said Ikea's president and CEO, Peter Agnefjall. "Important consumer markets such as the U.S. are coming back, and Europe in general is starting to recover."
The company also said it is aiming to reach EUR50 billion ($65 billion) in sales by 2020. "We'll keep developing better products at lower prices, improving the shopping experience and becoming more accessible to our customers, for example, through an improved service offer, e-commerce and continued expansion," Agnefjall said.