ALMHULT, SWEDEN -- IKEA, the world's largest residential furniture retailer, publicly disclosed its financial performace for the first time.
During FY2010, which ended Sept. 30, the company said worldwide sales increased by 7.7% to 23.1 billion euros (approximately $31.9 billion). The company said its profit level for the 2010 last fiscal year will be published at a later date.
While the most current year's numbers are not totally available, IKEA disclosed that "despite the difficult external conditions, the IKEA Group sales for FY2009 increased by 1.4 % to 21.8 billion Euro." The company said it netted a profit of 11.3 % or 2.5 billion euros compared to the previous fiscal year. It added, "The main part of the profit was re-invested in existing, relocated and new IKEA stores, as well as in factories and retail centers."
IKEA, founded in 1943, currently operates 280 IKEA Group stores in 26 countries.
Read IKEA's press release.
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