China is Ikea's fastest growing market

Staff Writer
Columbus CEO

STOCKHOLM (AP) — Ikea, the world's largest furniture retailer, says its sales are growing globally, with China now its fastest growing market.

The Swedish company says sales rose nearly 6 percent to 28.7 billion euros ($37 billion) in the year through August. The company has been opening new stores in China, where spending has been on the rise in recent years.

Chief executive Peter Agnefjall said Tuesday they "continue to see positive signs in consumer spending and it's a great joy to report growth in almost all our markets."

Agnefjall said he saw "great opportunities for continued growth."

The privately-held company gave no more details, and will publish its full report for the fiscal year ending Aug. 31 only in January.

The group has 315 stores in 27 countries.