Ikea saw a sixth year of UK growth in the 12 months to August 31 with the retail giant’s sales up 5.8% to £1.814 billion. It also increased its market share by 0.5% and is targeting a share of 15% within 10 years.
IKEA reported full-year earnings of EUR 34.1 billion, and plans to test “open-source” design and full-range town-center showrooms as part of its efforts to adapt to rapidly changing consumer shopping habits.
Ikea is planning a giant £60 million store in Northern England that will be its second-biggest in the UK. The ambitious plans have now received the go-ahead and building on the site will start before Christmas.
Steinhoff said it had presented its arguments to a Dutch court and was certain a petition made by a former joint venture partner, seeking a probe into the South African group’s accounts, would be dismissed.