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From Home Furnishing Business

Ikea Posts Year-End Profit

Home furnishings retailer Ikea attributed the 3.1 percent increase in its year-end profit to consumer recovery worldwide.

The retailer reported a net profit of $4.51 billion for the 12 months through August 2013.

"Consumers have become more and more confident and have started to shop a bit more and open their wallets a bit more often," said Ikea Group CEO Peter Agnefjall.

The retailer said company sales had grown strongly in the U.S., Russia and China during the year.

Agnefjall said Ikea will expand into new countries, including India, in coming years, but said much of its growth will be in existing markets.

"We had the third strongest growth last year in the United States," he said. "If you just look at the number of stores in Europe, then of course we still have big potential to grow in the United States."



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