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IKEA Group sales up 3.8%

 6 November 2017     Michael J. Knell 

MISSISSAUGA, Ontario – The IKEA Group, one of the world’s largest furniture and home furnishings retailers, has reported total retail sales of €34.1 billion for its 2017 fiscal year, which ended on August 31.

The IKEA Group (INGKA Holdings B.V. and its controlled entities) is headquartered in the Netherlands and is the parent company of IKEA Canada. Although privately held, IKEA has disclosed sales and other financial data for the past several years.

Based on the Bank of Canada’s published exchanges rates, €34.1 billion is approximately C$49.9 billion.

An artist’s rendering of the full-size IKEA Canada store set to open in Quebec City sometime in late 2018. The company broke ground to begin construction recently.In a statement IKEA Group said that when adjusted for the impact of currency exchange rates, its retail sales increased by 3.8% during the fiscal year. On a dollar-for-dollar basis, the group’s sales fell from the €35.1 billion recorded for the 2016 fiscal year.

It also said that during the 2017 fiscal year, IKEA Group welcomed 817 million visits to stores across 29 countries and more than 2.1 billion visits to

Historically, IKEA Canada has accounted for 4% of the group’s global sales.

With the aim to reach more people with an affordable and seamless IKEA experience, IKEA Group has continued to improve the customer offer with new store formats, shorter lead times and improved distribution solutions. Most recently, IKEA Group acquired on-demand platform TaskRabbit, providing more flexible and accessible services for customers.

“We will use our stable financial situation to invest in meeting the needs of our customers even better. I spent my first month as CEO of the company visiting our stores in several countries to listen and learn from co-workers and customers. Now I’m even more convinced that we are on the right track to become fully accessible to our customers,” Jesper Brodin, IKEA Group president and chief executive officer said in a statement.

He added sustainability continued to be a strong focus for IKEA Group in financial year 2017. With an emphasis on making a positive impact on climate, IKEA’s investments in Canada, France and Lithuania grew IKEA Group’s total number of owned wind turbines to 415. 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.

Through local investments in wind farms in Alberta, IKEA Canada achieved energy independence in financial year 2015, five years ahead of the global goal.

IKEA Group operates 357 stores in more than 29 countries worldwide, which are visited by 783 million people every year. IKEA Canada has 13 stores, an e-commerce virtual store, six pick-up and order points and 13 collection points. The company also announced plans to open new stores in Quebec City and London, Ontario. Last year, IKEA Canada welcomed 28 million visitors to its stores and 88 million visitors to the web site.

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This HGO article was written by:
Michael J. Knell
Michael J. Knell

Michael is the publisher and editor of Home Goods Online. A seasoned business journalist, he has researched and written about the furniture, mattress and major appliance industries in both Canada and the United States for the past three decades.

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