Ikea grows market share as global sales rise

Ikea wants to double sales to 50bn euros by 2020
Image caption Ikea wants to double sales to 50bn euros by 2020

Global furniture giant Ikea has reported a rise in full-year sales and says it managed to gain market share in almost all its markets.

Global sales jumped 3.1% to 27.9bn euros ($37.8bn; £23.6bn) in the 12 months to the end of August, Ikea said.

Like-for-like sales, which strip out the impact of new stores, rose 1.8% in the same period.

The chain, which is the world's largest furniture retailer, has said it wants to double sales to 50bn euros by 2020.

Ikea, which has its headquarters in Sweden, said some of the strongest growth was in Russia and China, and that it had also made significant progress in North America during the year.

"While southern Europe continued being affected by the current economic situation, the Ikea group continued gaining market shares in almost all markets," Ikea said in a statement.

Ikea said its stores were visited by 690 million people in the year.

The privately owned firm, famed for its flat-pack furniture and huge warehouse-like stores, now has 303 stores globally.

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