Furniture giant Ikea has revealed full year net profit growth of 6.1% to €2.7bn.

Sales increased 7.7% to €23.1bn in the year to August 31, as revealed in October, when Ikea broke with tradition and issued its results. At the time is said profits would be disclosed “at a later date”.

The retailer said it was able to grow profits due to increasing sales, higher gross margin and improvements in the “cost structure” of the business.

Ikea group president and chief executive Mikael Ohlsson described the performance as “good”.

He said: “Sales grew despite tough market conditions in many countries. Profits give us the resources to grow and reach more people on existing and new markets as well as lowering prices.

“The main part of the profit was re-invested in existing and twelve new stores in order to become even more inspiring and accessible. In times like this, even more people appreciate value for money in terms of good design and functional home furnishing products at affordable prices and we are committed to continuing that journey.”

Ikea operates 18 stores in the UK. In November it revealed UK & Ireland like-for-likes rose 1% in the year, as well as growing its market share.

Total sales also edged up 1% to £1.2bn.