Ikea has increased annual sales by 11.3% and unveiled plans for its largest investment into lowering prices.
The home furnishing retailer increased UK sales to £1.41bn for the year ending August 31 after the first year of a pledge to double turnover and market share by 2020.
In the upcoming year, IKEA will invest £27m in lowering prices across its range, which represents the largest ever investment in cutting prices.
Ikea recorded strong growth in online sales during the year, with a 26.8% sales uplift following double-digit growth the previous year.
The company’s growth through the year has come despite the retailer struggling to open new stores.
UK country retail manager Gillian Drakeford said: “What is really encouraging is that this growth has come from our existing business, not relying on a bricks-and-mortar expansion programme.”
“We want to simplify and improve the shopping experience and offer convenience and value for time to our customers. I recognise we have a lot of work to do here, to evolve our business to meet the expectations of all UK consumers, and over the coming year we will be making a number of updates on our way to creating a truly multichannel shopping experience at Ikea.”
Ikea is planning to open new stores in the UK and has secured locations in Reading, Greenwich, Exeter and Sheffield.