IKEA delivers strong results & reveals plans to expand sales

IKEA has recorded another year of strong sales, as it releases news that they will shortly begin selling their products on third party retail websites.

The flat pack furniture retailer, which operates a total of 403 stores in 49 countries (including 11 franchisees) said overall Group Turnover for the 12 month period ending August 2017, was up 5% to  £34.2 billion, with more than 817 million customers having walking through its doors during that period.

Read - IKEA opens their 20th UK store in Sheffield

The Swedish retailer had 2.1 billion visits to its various website, and stated that it owns more wind turbines than stores as part of its strategy to become “energy independent”. IKEA said that following investments in France, Canada and Lithuania, its total number of wind turbines has risen to 415.

The Groups recently appointed CEO Jesper Brodin said “We will use our stable financial situation to invest in meeting the needs of our customers even better". He added: “This means Ikea Group now owns more wind turbines than stores and is getting closer to its target to become energy independent by producing as much renewable energy as consumed through operations, by 2020.”

It is also understood that IKEA will start experimenting shortly with selling its flatpack furniture through third party online retailers such as Amazon and Alibaba, as part of a much broader approach to make their products more accessible to shoppers.

The business is also testing smaller city centre store formats, increasing its click'n'collect locations and introducing standalone kitchen showrooms.

Last week, the company acquired TaskRabbit, a startup that links freelance workers such as electricians and plumbers with local household jobs.

Read - IKEA signs agreement to buy TaskRabbit 

Results for the UK and Ireland will be released later this year.

Source: Insight DIY Team

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