Ikea Sales Soar 58 Percent in 2007

IKEA, the world's biggest furniture retailer, posted a 58 percent increase in mainland sales during the 2007 fiscal year, which ran from September last year to the end of August, the company said today.

The Swedish furniture retailer's four mainland outlets have served 14.8 million visitors this fiscal year, up 37 percent from last year.

IKEA said it will open new outlets in Nanjing, Shenzhen and Dalian next year. The company is expected to have 10 to 15 shops in China by 2010.

The company said it will continue to cut prices in 2008.

Since it first opened shop on the mainland in 1998, the furniture retailer has reduced prices by 54 percent.