Continued Growth for IKEA

The Swedish furniture giant IKEA says in its first ever earnings report that its profits rose 11 percent in the past year, with pre-tax profits of just under 4 billion US dollars.

As a privately held company, IKEA is not required to file regular reports. Citing increased internal and external interest the company says its board decided last December to release a financial results summary annually.

IKEA also announced plans for further expansion in Russia and China, and  says new stores are about to open in Serbia and Croatia. There are also longer term plans for South Korea and India.

According to the news agency TT, IKEAs 280 stores were visited by 626 million customers last year.