Photo: Fredrik Sandberg/TT

Ikea reports slowdown in profits

Swedish furniture giant Ikea announced on Tuesday slower profit growth for the last fiscal year compared to performance in previous years but did not reveal the cause of the sharp slowdown, reports AFP.

Ikea announed net profits had increased by 3.1 percent to 3.3 billion euros for 2012-2013. Revenue growth also slowed, with 3.2 percent growth at 28.5 billion euros.

The Ikea Group did not explain the causes of the slowdown but said it had  "gained market share in almost all markets" and posted "strong growth in China, Russia and the US."

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