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The furniture group writes in a press release that major investments of a total amount of 2.8 billion euros, about 28 billion Swedish crowns, have been made. A change process was launched during the year to adapt the activity to new consumption habits. This work should last three years and weigh accordingly.
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In addition, sales by subsidiaries affected operating income, which was 2.25 billion euros, versus 3.03 billion euros a year earlier.
The company had previously announced a 4.7% increase in sales for the full year and an increase in online sales of 45%. In the press release, the Group writes that sales have increased in 29 of the 30 markets where China is posting the strongest growth. During the year, twelve new department stores were opened, including the first in India. The largest sales are recorded in Germany, the United States in second position and France in third position.
In total, sales, including shopping center rental revenues, increased by 2% to EUR 37.1 billion.
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