STOCKHOLM (Sept 13): IKEA Group reported record annual sales on Tuesday, including a 30% leap in online revenues after the Swedish budget furniture retailer belatedly embraced e-commerce. IKEA Group, which owns most IKEA stores worldwide, said sales in the 12 months through August rose 7% from the year before to 34.2 billion euros (US$38.4 billion). IKEA Group currently has 340 stores in 28 countries with e-commerce operations in 14 of them. IKEA Group is a franchisee of brand owner Inter IKEA Group. IKEA Group and Inter IKEA Group are controlled by Netherlands and Liechtenstein-based foundations.

Source: The Edge Markets September 13, 2016 13:41 UTC