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Ikea abandons 2020 growth target as sales disappoint
(MENAFN) Swedish furniture retailer giant Ikea announced that it had abandoned its goal to double sales between the 2012-2013 fiscal year and 2020, The Peninsula reported
Ikea's sales in the fiscal year to the end of August reached USD36.5 billion, increasing by a mere 3.1 percent from the year before it
"Our goal has so far proved to be too aggressive," said Chairman of the Ingka Holding parent company that comprises all of the Ikea businesses, adding that "sales haven't developed as fast as we thought"
In the 2011-2012 fiscal year, the company registered growth of 9.8 percent, logging the highest growth in six years
Ikea's sales in the fiscal year to the end of August reached USD36.5 billion, increasing by a mere 3.1 percent from the year before it
"Our goal has so far proved to be too aggressive," said Chairman of the Ingka Holding parent company that comprises all of the Ikea businesses, adding that "sales haven't developed as fast as we thought"
In the 2011-2012 fiscal year, the company registered growth of 9.8 percent, logging the highest growth in six years
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