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From Home Furnishing Business

Ikea Posts Flat 2014 Profit

Home furnishings retailer Ikea reported flat profit for last year in spite of increased sales worldwide.

Total income for the retailer was 3.3 billion Euro, or about $3.7 billion for the year fiscal year ended Aug. 31.

Annual sales climbed 5.9 percent (adjusted for currency impact) to 28.7 billion Euro.

The company operates 315 stores in 27 countries. Forty of those stores are in the U.S.

“I’m happy to see increased growth in all our sales channels; in existing stores, in the opening of new stores and in e-commerce,” said Peter Agnefjall, president and CEO. “We reached some important milestones towards becoming energy independent and saw a 58 percent increase in the sales value of products that enable people to live a more sustainable life at home. Sustainability is an integral part of our business strategy.”

The company plans to open new stores in St. Louis (Fall, 2015); Las Vegas (Summer 2016); Memphis, Tenn. (Fall 2016) and just announced this week plans for a store in Columbus, Ohio to open in 2017.

The complete earnings release can be found online

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