Ikea discloses financial results for first time
Swedish retailer says earnings rose 11.4% in fiscal 2009
Furniture Today Staff -- Furniture Today, October 1, 2010
STOCKHOLM, Sweden — Disclosing its financial results for the first time, Swedish home furnishings retailer Ikea said today that its earnings rose 11.3% in the 2009 fiscal year as sales inched up 1.4% from 2008.
Sales increased another 7.7% in the 2010 fiscal year, which ended Aug. 31, the company said. Officials did not disclose profits for the most recent year but said they would do so later.
An online report by Britain's The Guardian newspaper said the privately held company was publishing a snapshot of its financial results in an effort to become more open and accessible. The company had been criticized for its secrecy and opaque ownership structure.
Ikea said its sales in the year ended Aug. 31 amounted to 23.1 billion euros, equivalent to $31.5 billion. In the year ended Aug. 31, 2009, sales were 21.5 billion euros ($29.3 billion) and the company posted a profit of 2.5 billion euros ($3.4 billion).
London's Financial Times reported that Ikea officials said the company's net income has consistently stayed between 10% and 13% of revenue over the past decade.
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