Ikea has revealed that sales rose 6.9% in the year ended August 31, 2011 to reach nearly E25bn (£21.7bn). Over the year, the retailer cut prices and added stores to drive sales. The weak economy meant customers switched to smaller ticket items. Chief executive Mikael Ohlsson confirmed the company’s interest in India. He said: “[Ikea will open stores] when retailing regulations in the nation change, allowing full ownership for foreign, single-brand companies.”