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IKEA Group net income rises 3.1% in FY’13

IKEA Group net income rises 3.1% in FY’13

(United States Of America)

The IKEA Group net income increased by 3.1% to EUR 3.3 billion ($4.2 billion) for the financial year 2013; and market conditions continued to improve with strong growth in China, Russia and the US. IKEA US FY13 comparable store sales grew by 6.7%.

“Consumer spending is improving in many countries. While the challenging economic situation may not be over, there are positive signs. Important consumer markets such as the US are coming back and Europe in general is starting to recover. Even some of the challenging markets in Southern Europe are showing good signs of activity”, says President and CEO, Peter Agnefjäll.

Sales increased by 3.1% from last year to EUR 27.9 billion ($36.2 billion) and the IKEA Group gained market share in almost all markets. Together with the rental income from our shopping centers, the total revenues amounted to EUR 28.5 billion ($37 billion)(+3.2%). The largest markets were Germany, the US, France, Russia and Sweden.

“This indicates that value for money is increasingly important. I’m especially happy to see customers embracing our range of products designed to help them live a more sustainable life at home. For example, customers bought more than 22 million LED products in FY13 alone, saving them energy and money”, continues Peter Agnefjäll.

The IKEA Group has an ambitious growth agenda, aiming for EUR 50 billion ($65 billion)in sales by 2020. The large emerging markets are important sources of future growth. In FY13, the IKEA Group opened two more stores in China – another step in the expansion on the Chinese market.

“We have a long-term focus. We’ll keep developing better products at lower prices, improving the shopping experience and becoming more accessible to our customers, for example through an improved service offer, e-commerce and continued expansion. Our ownership structure and sound financial principles give us independence and the possibility to grow in a balanced and sustainable way”, says Peter Agnefjäll.

Sales increased by 3.1% from last year to EUR 27.9 billion ($36.2 billion) and the IKEA Group gained market share in almost all markets. Together with the rental income from our shopping centers, the total revenues amounted to EUR 28.5 billion ($37 billion)(+3.2%). The largest markets were Germany, the US, France, Russia and Sweden.
“This indicates that value for money is increasingly important. I’m especially happy to see customers embracing our range of products designed to help them live a more sustainable life at home. For example, customers bought more than 22 million LED products in FY13 alone, saving them energy and money”, continues Peter Agnefjäll.

The IKEA Group has an ambitious growth agenda, aiming for EUR 50 billion ($65 billion)in sales by 2020. The large emerging markets are important sources of future growth. In FY13, the IKEA Group opened two more stores in China – another step in the expansion on the Chinese market.

“We have a long-term focus. We’ll keep developing better products at lower prices, improving the shopping experience and becoming more accessible to our customers, for example through an improved service offer, e-commerce and continued expansion. Our ownership structure and sound financial principles give us independence and the possibility to grow in a balanced and sustainable way”, says Peter Agnefjäll.
IKEA US FY13 Highlights
“We are pleased with the fiscal year 2013 results of IKEA US. People continue to choose IKEA as their destination for home furnishings and accessories. This has resulted in strong sales, as well as growing membership in our IKEA Family loyalty program. IKEA expansion in the US also continues with one store opening in FY14 and another opening in FY15. Additionally, we are increasing our overall purchasing from US suppliers.

All this demonstrates that the IKEA offering of good value, good design and functional furniture at affordable prices is relevant and desirable for US consumers,” commented Mike Ward, IKEA US President.

US Sales and Services: US comparable store sales grew by 6.7%. E-commerce grew 65%. Strong sales were a result of e-commerce sales (including expanded e-commerce offering of home furnishing accessories) also, lowering prices on some best selling items and expanded service offering with focus on kitchen services.

In FY13, IKEA US continued to lower prices on some of its best-selling items, including a 40% reduction on EKTORP sofa w/SVANBY covers and a 20% reduction on HAMPEN rugs (5’3”x7’7’’). Services introduced in FY12 (home delivery, picking, picking with delivery, assembly, assembly with delivery and kitchen installation) contributed to FY13 success with the number of home deliveries increasing 75% from FY 12. Picking and delivery grew 30% over FY12. Assembly and delivery expanded to cover all store markets.
IKEA Family (IKEA customer loyalty program) membership grew 85% in FY13 to 4.3 million, up from 2.3 million members in FY12.

Reinvesting in IKEA US Stores:  IKEA US is currently in the process of investing in total remodels of the Marketplaces in US stores, where home furnishing accessories are sold. During FY13, 17 more storess across the US received Marketplace remodels, with four others to be completed in FY14.
The goal of these remodels is to improve the customer shopping experience and show a wide range of home furnishing accessories in a better way. In FY13, IKEA began the process for expanding its Boston-are store in Stoughton, MA., where construction is expected to conclude Summer 2014.

Expansion:
IKEA US officially broke ground in 2013 on two stores slated to open in 2014; its second South Florida store will open this summer in Miami- Dade County and a Kansas City-area store will open this Fall in Merriam, KS. Additionally, IKEA recently announced plans to open a St. Louis store in Fall 2015.

US Sustainability Initiatives ~ Renewable Energy: IKEA US is in the midst of investing $150 million in Photovoltaic systems. IKEA is currently the 2nd largest private
commercial solar US owner/user. During FY13, IKEA installed solar panels atop 8 more US locations.

Total IKEA US units now covered is 39 out of 44 (90%). For FY14, IKEA US will expand the solar installations atop 3 locations as well as install an array atop its future Miami-Dade store set to open in Summer 2014. For FY14, IKEA US will be constructing a geothermal project to heat and cool the future Kansas City-area store opening Fall 2014 in Merriam, KS. FY14 plans include to further these investments into other alternative energy technologies.

IKEA opens one store in FY14, and another store FY15. Both stores -Miami and Kansas City- open in calendar year 2014. Fall 2015 store opening will be St. Louis, FY16 for IKEA.

IKEA

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