FURNITURE maker IKEA Group said it saw signs of a recovery in consumer spending as it posted record full year profits.
Ikea, whose warehouse-like stores sell everything from highchairs to fitted kitchens, posted a net profit of 3.3bn euros in the 12 months through August 2013, up 3.1 per cent on a year earlier.
“Consumer spending is improving in many countries,” Ikea chief executive Peter Agnefjall said in a statement. “While the challenging economic situation may not be over, there are positive signs.”
Ikea UK announced total sales of £1.268bn for the financial year ending August 31 2013, an increase of 3.1 per cent on the previous year.
Ikea has 18 stores, including a store in Batley near Leeds which employs more than 300 staff. Ikea also wants to develop a £60m store near Meadowhall in South Yorkshire.
Sheffield Council is expected to issue its planning recommendation on this proposed development soon.
Gillian Drakeford, Ikea UK retail manager, said: “With the continued uncertainty around the recovery from the recession, we have continued to invest across our online and in-store shopping channels to create a simpler, more convenient and enjoyable experience and it’s very humbling that our efforts
have resulted in another year of growth.”