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Buoyed by surging demand, Ikea to expand globally
Wednesday - 1/23/2013, 12:24pm EST
STOCKHOLM (AP) - Ikea says it plans to open 25 new outlets and recruit 75,000 more workers overall by 2020, as its global market share last year increased with annual net profit growing 8 percent to (EURO)3.2 billion ($4.3 billion).
The world's largest furniture retailer on Wednesday reported revenue of (EURO)27.5 billion for the 2012 fiscal year, up from (EURO)26 billion a year earlier. The company does not release quarterly figures.
Ikea Group CEO Mikael Ohlsson said most growth last year was in China, Russia and Poland, closely followed by the United States and Germany.
Ikea said it had "continued lowering prices for customers and further improved product quality."
The Sweden-based company has 338 stores employing some 154,000 people in more than 40 countries. The new outlets will mainly be in Asia.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)