"It was an incredible year", Jesper Brodin, the new CEO of the Ingka Group which owns the bulk of Ikea stores, told reporters in Madrid at an event to promote its new city centre store in the Spanish capital timed to coincide with the release of the yearly results.
"There's a lot of people that chose not to buy from us because they don't have a auto or because they don't have the time to interact with us, so this is what we are exploring now", said Ikea Group CEO Jesper Brodin.
Talking at the groundbreaking ceremony, Peter Betzel, CEO, IKEA India, said, "Bengaluru is a very special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail".
Total retail sales, which include sales of both products and services, rose to €38.8 billion (RM185 billion) from €38.3 billion a year earlier. The growth rate was roughly the same as the year before.
The flatpack furniture revolution launched by Ikea is to be taken to at least a dozen new markets as the Swedish group aims to hit a target of three billion customers by 2025. But only one. The rest of the country simply is not densely enough populated and IKEA typically does not enter countries where they can only open one store.
Flat pack furniture retailer Ikea has reported a 4.7% increase in retail sales to €38.8bn (£33.9bn) in its full year 2018 report. "We will introduce smaller store formats and offer a wide range of flexible and affordable services", Inter Ikea Chief Executive Officer Torbjorn Loof said in the statement.
DUP predicts ‘developments’ in Government’s Brexit position over weekend
She said: "I am completely supportive of the prime minister ". "The Prime Minister is a unionist". She repeated that Britain wanted a new trade deal by the end of December 2021 at the latest.
Swedish home furnishing retailer IKEA's second mega store will open in Mumbai in March 2019.
In addition to Estonia, Ikea has plans to start selling its products in Ukraine, Luxembourg, Macau, the Philippines, Oman, Mexico, Chile, Colombia and Peru, the company said in a statement.
Online sales accounted for 5 percent of turnover.
Last year Ikea's United Kingdom profits slumped by almost 40% to £87m, a decline blamed on higher wages and the cost of investments in its stores and website.
Growth was in line with the previous year as almost flat sales at existing stores was offset by a 31 percent jump in online sales.