Ikea has reported that net profit for the year ended August 30, 2010 rose 6.1% to €2.69bn (£2.3bn). Sales soared 7.7% to €23.1bn (£19.3bn).

Ikea said sales grew in almost all countries but highlighted China, Russia and Portugal as showing the strongest increases. Ikea group president and chief executive Mikael Ohlsson said: “The result gives us the resources to further lower our prices and to grow so that we can reach more people in existing and new markets.”