IKEA Israel sales slump 18% in 2011 following fire

The destruction of the Netanya store by fire caused sales to fall to NIS 555 million.

The destruction of IKEA Israel's Netanya store by fire in February 2011, caused the retailer's sales to fall 18% to NIS 555 million last year from NIS 678 million in 2010. The figure indicates that the company was only partly successful in attracting buyers to its second store in Rishon LeZion.

The Netanya store is scheduled to reopen in March.

Before the fire, IKEA Israel reported steady annual growth in sales.

Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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