FINANCE

IKEA Annual Sales Rise 7%

BY CSA STAFF

Stockholm, Sweden Sales at IKEA rose 7% in its latest financial year, a Swedish newspaper reported on Wednesday. The report also quoted its top executive as saying the global economic slowdown is weighing on the retailer.

Sales at IKEA rose to 21.2 billion euros ($30 billion) in the year ended Aug 31, business daily Dagens Industri reported. Sales in the prior year were 19.8 billion euros, according to IKEA’s Web site.

Despite the rising sales, the global slowdown is having an effect on the firm, the report said.

“Obviously we are not immune to such a significant worsening of the economic situation,” CEO Anders Dahlvig told Dagens Industri, although he told the newspaper that excluding currency effects growth was 10%.

“Furthermore, the business cycle is particularly weak in several of our biggest markets, like Germany, the United States and England,” Dahlvig said.

According to IKEA’s Web site, Germany accounted for 16% of sales in the 2007 fiscal year, ahead of the United States at 10% and Britain and France at 9% each.

However, the company plans to slow expansion.

“We plan to ease the pace of new-store establishment from 2010 and from then the number of new stores will fall to 10-15 per year from 20-25,” Dahlvig said.

IKEA opened 22 new warehouse stores in its latest financial year.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Berg named coo of Best Buy International

BY CSA STAFF

MINNEAPOLIS Best Buy International has named David Berg, evp and coo, responsible for developing growth opportunities outside of the United States.

“Best Buy sees opportunities for innovation and growth in new markets and new geographies as well as in our core U.S. business, “ said Robert Willett, ceo of Best Buy International and cio for the Best Buy enterprise. “Our growing global presence requires seasoned and savvy leaders to carefully manage our expanding family of international brands. Our international leadership team is focused on driving growth for our enterprise around the world.”

Berg joined Best Buy in 2002 as vp and associate general counsel. Berg was promoted to senior vp of strategic alliances, in 2004 and was promoted to evp in 2008. In addition to helping Best Buy establish a presence in China, Berg also played significant roles in the company’s expansion into Mexico and Turkey and was instrumental in the creation of its venture with The Carphone Warehouse, allowing for the introduction of the Best Buy brand in Europe.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Toys’R’Us enhances safety microsite

BY CSA STAFF

WAYNE, N.J. Toys”R”Us announced that it has enhanced its Safety microsite, www.Toysrus.com/Safety. The company said it has added expanded content and new features including safety-related news, as well as tips about accident prevention throughout the year.

The new site launched on Sept. 9 with a focus on baby safety during the month of September, featuring guidelines developed in collaboration with Safe Kids Worldwide, the world’s leading childhood injury prevention organization.

“As one of the leaders on the critical issue of children’s safety, we are pleased to present important new content to augment our heavily-visited Safety microsite,” said Jerry Storch, chairman and ceo of Toys”R”Us. “Since introducing this dedicated safety resource last fall, it has become a valuable vehicle for millions of parents and caregivers to access vital child and product safety information. We know that providing the safest environment for children requires constant vigilance, and we hope parents will continue to look to the “R”Us family as partners in helping them achieve that shared goal.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...