Russia, China Growth Pushes IKEA's Year-End Sales

Privately held IKEA announced a 3.1 percent sales lift in its fiscal year 2013, thanks to growth in Russia and China.

In addition, revenue for the world's largest furniture retailer increased to 27.9 billion euros, or $37.9 billion, and same-store sales rose 1.8 percent.

Sweden-based IKEA said it realized strongest growth during the year in Russia and China; plus, it had significant progress in North America. "While southern Europe continued being affected by the current economic situation, the IKEA Group continued gaining market shares in almost all markets," IKEA said in a statement.

IKEA CEO Peter Agnefjaell said the retailer is showing continuous sales growth because of the value the retailer offers global consumers. "Value for money is increasingly important to our customers, and our sales development shows that people all over the world appreciate our concept of good quality, well-designed products at low prices," Agnefjaell said in the statement, Bloomberg reported.

The company operates 303 IKEA stores globally.

For more:
-See this Reuters article
-See this Bloomberg article

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