IKEA's Record Sales Year Was Boosted By Canadians

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The IKEA group is seeing record sales, and it has the Great White North to thank — partly, anyway.

The company, which owns most of the Swedish retailer's outlets, reported sales of US$37.6 billion for the 2016 fiscal year — an increase of 7.1 per cent.

The Tuesday report said the group saw particularly strong growth out of Canada, China, Australia, and Poland.

ikea toronto
IKEA logo. (Photo: Keith Beaty/Getty Images)

IKEA has been expanding in Canada, and recently opened a "collection point" in Saskatoon. That store allows people to pick up products they ordered online, The StarPhoenix reported.

Germany is still IKEA's biggest market, followed by the United States. The chain has 340 stores in 28 countries, with more locations opening in India and Serbia next year.

It is, however, holding off a Russian expansion due to some legal issues, BBC News reported.

ikea store
An IKEA store in Switzerland. (Photo: Arnd Weigmann/Reuters)

Bloomberg also noted that IKEA might be hesitant to do business in Russia because of its slow sales growth.

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