IKEA Group, the world's biggest furniture retailer, said today 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.
