IKEA’s full year profit rises by 5.5% to €3.51 billion
IKEA Group, the world’s biggest furniture retailer, announced that net profit grew 5.5% in its fiscal full-year, mainly on the back of sales growth in existing stores.
The company was also helped by new store openings and strong online sales growth.
Net profit at the Swedish flat-pack self-assembly budget furniture company, which owns most IKEA stores, was €3.51 billion in the 12 months to the end of August, compared to €3.33 billion the year before.
“While the growth is well distributed across most markets, Germany shows record growth and also Southern Europe is seeing a positive development,” the company’s chief executive Peter Agnefjall said in a statement.
He added that North America also continues to do well.
IKEA said it had offset lower prices to customers with lower purchase prices and increased efficiency in its supply chain.
IKEA is a multinational group of companies that designs and sells ready-to-assemble furniture, appliances, small motor vehicles and home accessories. As of January 2008, it is the world’s largest furniture retailer.
