IKEA profits jump 10.3% to €2.97bn as sales soar

SWEDEN’S IKEA, the world’s biggest furniture retailer, yesterday posted a record profit for the fiscal 2010/11 year on the back of growing sales and a bigger share in almost all of its markets.

Net profit at the privately-held Swedish firm, known the world over for low-price, self-assembly, flat-packed furniture, rose 10.3% to €2.97 billion in the year to last August.

Revenue grew 6.9% to a record €25.17bn, with existing stores accounting for 2.7% of sales growth.