New Ikea CEO targets sales growth over store openings
Home Accents Today Staff -- Home Accents Today, 9/3/2013 10:10:25 AM
Peter Agnefjall, the new head of IKEA Group said Monday he would speed up store expansion from recent years but was dropping an earlier roll-out target.
According to Reuters, Agnefjall, who became chief executive Sunday, is standing by a target announced a year ago to double sales to $65.9 billion by 2020. He plans to achieve that through "around 5 percent annual sales growth in existing stores, and another 5 percent through new store openings," focusing on actual sales instead of number of stores.
His predecessor, Mikael Ohlsson, last year announced plans to increase the store expansion pace to 20-25 stores annually.
Agnefjall told Reuters the company had 10-15 new stores planned for 2013/14. The company opened five stores in the fiscal year ended Aug. 31.
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