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IKEA sales increase 16% yr/yr

IKEA Kft, the Hungarian unit of Swedish home furnishings chain IKEA, had gross revenue of Ft 33.3 billion in its business year ending August 31, 16% more than in the previous year, spokesman Vendel Gerőcs said on Wednesday.

In the next business year, the unit targets a 14% increase in sales. IKEA plans to reduce prices by an average 5.4% this business year, Vendel said. In the previous year, stores lowered prices 10% on average, including the effect of the 5 percentage point reduction in the main VAT rate from January 1, 2006.
In the 2005/2006 business year, sales of bedroom furnishings rose the fastest, jumping 30%. Sales of kitchen furnishings also rose almost 30%.
IKEA is considering the possibility of building a third store in Budapest, Debrecen or Miskolc, but has not yet set any date for construction, Gerőcs said.