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Ikea's profits rise 10.3%

Ikea has reported a 10.3% rise in profits to €2.97 billion boosted by strong overseas growth. The flat-pack furniture and household goods retailer said revenue increased by 6.9% to €25.17 billion in the year to 31 August with emerging markets such as China, Poland and Russia performing strongly.

CITY & CORPORATE

Ikea's profits rise 10.3%

Ikea has reported a 10.3% rise in profits to €2.97 billion boosted by strong overseas growth. The flat-pack furniture and household goods retailer said revenue increased by 6.9% to €25.17 billion in the year to 31 August with emerging markets such as China, Poland and Russia performing strongly.

However the picture was less rosy in the UK where sales dropped 3% to £1.15 billion in the period. Ikea said it had cut its UK prices by 5% and extended its online product range in an effort to combat the tough market in the UK.

Ikea, which operates 287 stores in 26 countries, opened new stores in China, Germany, Italy, Norway, Russia, Switzerland and the US in the period.

This year the retailer plans to invest £3 billion in new stores, factories, and retail centres as well as in its wind farms and solar power sources.

Commenting on the results, IKEA chief executive Mikael Ohlsson said: "We have gained market share in more or less all markets."

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