Ikea Expands Business in Germany

Despite general stagnation in the German retail trade, Swedish home furnishings company Ikea expanded its business in Germany in 2004. Turnover grew during the 2004 business year, which ended on Aug. 31, by 12 percent to €2.49 billion ($3.22 billion), Ikea Germany announced in Frankfurt on Tuesday. As usual, Ikea didn't reveal profit figures. Ikea Germany head Werner Weber did say, however, that "it was a very, very good year." Germany remained Ikea's most important market, where 20 percent of its business was done. The company plans to build three new German stores -- in Duisburg, Siegen and Osnabrück -- during the current business year.