Ikea sees annual United Kingdom sales top £1.8bn

Ikea has another cause for celebration other than its 30th anniversary in the United Kingdom this year, with the homewares and furniture retailer recording its sixth consecutive year of growth in its latest full year report.

Swedish flatpack furniture retailer Ikea says it achieved total United Kingdom sales of £1.814bn in the United Kingdom for the financial year ending 31 August 2017.

The retailer continues to outperform the market in home-furnishings, increasing its market share by +0.5 per cent, bringing the retailer one step closer to the ambition of increasing overall market share to 15 per cent by 2027.

The Swedish homeware giant, which has now been in the United Kingdom for 30 years, increased its market share by 0.5 per cent in the financial year. In total, 57.2 million people visited IKEA stores in FY17, resulting in a sales uplift of +5.7 per cent.

"We have ambitious expansion plans for the United Kingdom and are committed to making Ikea more accessible to the many people", Drakeford said. Cementing its commitment to the United Kingdom, with recent store openings in Reading and Sheffield, IKEA plans to open two more stores in Exeter and Greenwich during the coming year.

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A new website has also been launched during the recent financial year, with online now accounting for 15% of total sales.

The retailer created 1000 new jobs, bringing its total number of employees to 10,900. Some 850 jobs will be added when the two new stores open this year.

"We were the first Ikea market to implement the global Ikea Employment Standards, aimed at improving co-workers work/life balance", Drakeford said.

"By putting people at the heart of our business, we can create an even better experience for our customers".

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