The chief executive of IKEA, the world's biggest furniture retailer, said Tuesday the group would maintain its long-term approach on Russia as it expects a continued "strong development" in the country.
"In Russia, we have had a very good year — just as last year," IKEA Chief Executive Peter Agnefjall said after the group announced a near 6.0 percent rise in total sales for its fiscal year 2013/2014.
"We expect a continued strong development in Russia," he said.
Asked if IKEA had considered slowing its pace of expansion in Russia due to political developments, he said: "I think it's fair to say our approach is very long term."
Agnefjall added that IKEA's target to reach 50 billion euros in total sales by 2020 remained intact.