Ikea sees record profit in 2013 as market share grows

Ikea grew its market share in almost all the countries it operates in

Ikea, the world's largest furniture chain, made a record profit last year, increasing market share in almost all the countries it operates in.

The flat-pack specialist said profit in its 2013 financial year rose 3.1% to 3.3bn euros (£2.7bn), helped by strong growth in China, Russia and the US.

Global sales totalled 27.9bn euros, and the retailer repeated its aim to to make 50bn euros in sales by 2020.

"Consumer spending is improving," said Ikea president Peter Agnefjall.

Mr Agnefjall said sales in southern Europe, which is still suffering from the impact of the financial crisis, were now "showing good signs of activity".

"Europe in general is starting to recover," he added.

Ikea said large, emerging market countries were important sources for future growth.

The chain opened five new stores last year, two of which were in China.

It said it is now looking for the right location for its first Indian store.

The privately owned firm, known for its huge warehouse-like stores, now has 303 outlets globally.