Home Business News Ikea posts bumper UK sales growth

Ikea posts bumper UK sales growth

by LLB Reporter
2nd Nov 18 8:21 am

Today, home furnishings retailer IKEA announces total sales of £1.965 billion in the UK for the financial year ending 31 August 2018 (FY18), an uplift of +5.9% on the previous year.

IKEA UK continues to outperform the market in home furnishings, increasing its market share to 8.4% (+0.4% on last year). Investment in IKEA’s digital offer, services and physical stores, alongside its affordable and inspirational product range, have all contributed to this year-on-year growth.

Javier Quiñones, Country Retail Manager at IKEA UK, said: “FY18 has been a positive year for IKEA in the UK and we know that our products remain a key growth driver. With our vision to create a better everyday life for the many people, we continue to invest in a range that’s affordable, accessible and inspirational. In a tough economic environment, our homes provide a sanctuary and we know that consumers continue to update them with soft furnishings, textiles and decorations, resulting in an increase of +9% in Home Decoration. Two years ago, we refurbished the Living Room department in all stores and we are still seeing strong growth off the back of this, with Living Room Seating +8% on last year.”

Investing in convenience

A greater emphasis on accessibility, convenience and enhanced services are all key contributors to IKEA’s continued growth in the UK. In FY18, the retailer opened two new stores in Sheffield and Exeter and is set to open IKEA Greenwich in spring 2019. IKEA also announced the opening of its Planning Studio on Tottenham Court Road, the first step in its city centre approach, starting with London.

As well as the opening of new stores, IKEAinvested heavily in its distribution and fulfilment network with two new Customer Delivery Centres and a Parcel Unit opening in London, resulting in reduced delivery lead times and an increase of +65.9% in parcel deliveries.

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