Ikea Group net profit rises boosted by online and China

Ikea Group, the world’s biggest furniture retailer, said yesterday its annual profits grew as it expanded into China, increased sales from existing stores and saw strong online growth.

Net profit at the Swedish self-assembly budget furniture chain, which generates the bulk of its revenue in Europe, was up 5.5% to €3.5bn in the 12 months through to the end of August 2015.

Sales reached a record €31.9bn with comparable sales growth also strong at 5%.