Ikea sees signs of recovery in consumer spending as it delivers record results

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FURNITURE maker IKEA Group said it saw signs of a recovery in consumer spending 
as it posted record full year profits.

Ikea, whose warehouse-like stores sell everything from highchairs to fitted kitchens, posted a net profit of 3.3bn euros in the 12 months through August 2013, up 3.1 per cent on a year earlier.

“Consumer spending is improving in many countries,” Ikea chief executive Peter Agnefjall said in a statement. “While the challenging economic situation may not be over, there are positive signs.”

Ikea UK announced total sales of £1.268bn for the financial year ending August 31 2013, an increase of 3.1 per cent on the previous year.

Ikea has 18 stores, including a store in Batley near Leeds which employs more than 300 staff. Ikea also wants to develop a £60m store near Meadowhall in South Yorkshire.

Sheffield Council is expected to issue its planning recommendation on this proposed development soon.

Gillian Drakeford, Ikea UK retail manager, said: “With the continued uncertainty around the recovery from the recession, we have continued to invest across our online and in-store shopping channels to create a simpler, more convenient and enjoyable experience and it’s very humbling that our efforts

have resulted in another year of growth.”

Date:  20th May 2015. Picture James Hardisty, (JH1008/67c) Richard Flint, Chief Executive of Leeds Based Sky Bet & Gaming.

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