• Sweden edition
 
Ikea assembles record-breaking profits

Ikea assembles record-breaking profits

Published: 01 Oct 2010 14:05 GMT+02:00
Updated: 01 Oct 2010 17:58 GMT+02:00

The company hauled in 211 billion kronor ($31.3 billion) in revenues over the past year, up 8 percent from the previous year, enough to yield a pre-tax profit of 26.5 billion kronor according to the company's first annual summary of its financial details.

Ikea is an unlisted, family-owned company and until now has not released

regular earnings reports.

"2009 was a tough year. After a longer period of increased costs for energy, food and housing, the economic crisis put further strain on everyone's income," Ikea vice-president and chief financial officer Sören Hansen said.

"During this challenging year, we have seen the importance of value for money increasing and, as a result, we have been able to attract even more customers to our stores," he said in the company's earnings report.

Friday's report also included some figures on the company's year to August 2010, with sales up 7.7 percent.

Ikea CEO Mikael Ohlsson, told business daily Dagen Industri (DI) thatthe company expects to increase its market share as it forges ahead with expansion in Russia and China, and eyes establishing stores in Serbia and Croatia.

In addition, Inter Ikea, which owns the Ikea concept and brand and is owned by the family of Ikea-founder Ingvar Kamprad, received 6.3 billion kronor out of Ikea’s operations during the last fiscal year, according to DI.

Ikea - famed for its flat-pack stylish furniture - has 280 stores in 26 countries. Some 204 stores are in Europe, which accounted for 79 percent of its year to August 2010 sales.

The usually secretive company also said Friday that its board decided in December 2009 to release a financial results summary annually.

"The yearly summary is aimed at our co-workers and suppliers as well as other stakeholders, who have shown an increasing interest in knowing more about different parts of Ikea," said Mikael Ohlsson, who took over as CEO in 2009.

TT/AFP/The Local (news@thelocal.se)

Your comments about this article

14:44 October 1, 2010 by patbreslin
IKEA is the living embodiment of the adage "A fool and his money are soon parted"
14:59 October 1, 2010 by Sam1
I respect this company!!! its a big income to Sweden...They are like Microsoft to USA...

Go IKEA!!!
16:22 October 1, 2010 by rafa1981
Ingvar Kamprad is the master.
22:20 October 1, 2010 by whatnowki
IKEA :

Ingvar Killed Everyone Antiques
01:06 October 2, 2010 by dobermann
I respect this company!!! its a big income to Sweden...They are like Microsoft to USA...

Go IKEA!!!

I wouldn't be so sure as long as Ingvar has his tax avading scemes working..This guy is smart, I can't dissagree with that, but he isn't a good guy who can be taken as an example
08:31 October 2, 2010 by rafa1981
Well at least he was able to have a multinational and the most important, to keep his ownership, yo don´t see that so many times.
13:20 October 2, 2010 by seanthesheep
And when is IKEA going to start paying its fair share of income tax on its earnings?

The highly respected Economist magazine has alleged that former Nazi IKEA boss Ingvar Komprad's supposedly "charitable" Stichting INGKA Foundation uses the foundation structure for corporate tax-avoidance.

See:

http://en.wikipedia.org/wiki/Stichting_INGKA_Foundation
14:03 October 2, 2010 by seanthesheep
The article on IKEA's tax avoidance set up is at:

http://landofthefreeish.com/offtopic/ikea-...on-scheme-ever/
09:36 October 3, 2010 by Puffin
Dalarna is looking forward to getting its first IKEA
00:38 October 9, 2010 by Swedesmith
Wow, crappy furniture that's not made in China. Go figure.
Today's headlines
National
Fresh Ebola case investigated in Sweden
The patient is being treated at the Karolinska University Hospital. Photo: TT

Fresh Ebola case investigated in Sweden

Doctors in Stockholm are checking a patient suspected of having contracted the Ebola virus. READ  

Elections 2014
Sweden Democrat wins Deputy Speaker spot
Björn Söder. Photo: TT

Sweden Democrat wins Deputy Speaker spot

Despite most Members of Parliament abstaining from voting, Sweden Democrat party secretary Björn Söder has been announced as one of Sweden's new Deputy Speakers. READ  

Music
The five best Swedish songs of the month
Swedish singer Tove Lo. Photo: TT

The five best Swedish songs of the month

The Local's resident music guru Paul Connolly is back with another selection of his favourite Swedish tracks. READ  

International
Swedish model in hiding after UK politician sting
Malin Sahlén during a Top Model shoot. Photo: TV3/Nina Holma

Swedish model in hiding after UK politician sting

A Swedish model whose photo was used in a British tabloid newspaper sting without her permission has described the incident as "something terrible". READ  

Society
Swedish artist has 'racist' show cancelled
Park's work Hang-on Afrobians. The Local has altered the image to hide the men's identities

Swedish artist has 'racist' show cancelled

Plans for works by controversial Swedish artist Dan Park to be shown in a secret location in Copenhagen have been shelved by the radio station that was behind the project. READ  

Politics
New Speaker for Sweden's Parliament
Urban Ahlin is set to become Sweden's new Speaker in Parliament. Photo: TT

New Speaker for Sweden's Parliament

BREAKING: Social Democrat politician Urban Ahlin has been announced as the man incoming Prime Minister Stefan Löfven wants to take over as the next speaker in Sweden's parliament. READ  

National
Ikea Foundation sends millions to fight Ebola

Ikea Foundation sends millions to fight Ebola

The Ikea Foundation has donated 45 million kronor ($6.2 million) to aid organization Doctors Without Borders in an attempt to tackle West Africa's growing Ebola outbreak. READ  

National
Over 40 kids hurt daily in Swedish playgrounds

Over 40 kids hurt daily in Swedish playgrounds

Over 15,000 Swedish kids each year are so badly hurt in the country's playgrounds that they are sent to hospital, new statistics have shown. READ  

Politics
New government to make school compulsory to 18
File photo: TT

New government to make school compulsory to 18

The new Red-Green government came to its first agreement on Sunday, announcing a two-year extension to Sweden's mandatory schooling. READ  

NATIONAL
Sweden pays tribute to Estonia disaster victims
The doomed MS Estonia ferry. File photo: TT

Sweden pays tribute to Estonia disaster victims

Two decades on from the catastrophic sinking of the MS Estonia, which claimed the lives of 501 Swedes, the nation has paid tribute to the victims amid calls for a fresh inquiry into the tragedy. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Lifestyle
The five best Swedish songs of the month
Gallery
People-watching: September 28th
National
When Italian style meets Swedish simplicity
Lifestyle
Review: Sweden's first alcohol-free nightclub
Gallery
In Pictures: The MS Estonia disaster
Blog updates

28 September

Spoiled Doyle (Blogweiser) »

"What you gotta watch out for in Sweden is the good stuff. http://www.youtube.com/watch?v=Re_EzUe6xpI In Sweden, it’s the good things you have to watch out for. Video on @TheLocalSweden http://t.co/rAb8eGFdTD pic.twitter.com/w37YYwMXy1 — Joel Sherwood (@joeldsherwood) September 29, 2014 " READ »

 

26 September

 (The Local Sweden) »

"Hi readers, Autumn swept into Sweden at the start of this week with snow in the north of the country and flooding in the south. As well as a change in the weather, Sweden’s change in political direction became clearer, with Social Democrat leader Stefan Lofven formally announcing his party would work with the Greens as..." READ »

 
 
 
National
Swedish scientists sneak Bob Dylan lyrics into articles
Lifestyle
Ten things expat women notice in Sweden
Politics
What's next on Sweden's political stage?
Gallery
Sweden's 2014 election: Most memorable moments
Society
What's on in Sweden
Gallery
People-watching: September 24th
Seaman Oliver Gee with his first lobster
Lifestyle
How to catch the first lobster of the year
Gallery
In Pictures: Fredrik Reinfeldt through the years.
Society
Plucked out of Canada for love and guitars
Gallery
Property of the week - Torslanda
Politics
How Sweden Democrats went mainstream
Politics
Scandinavia and Scotland: closer links?
Sponsored Article
How to start a business in Stockholm
Society
Why is Stockholm's Södermalm so cool?
Politics
Sweden elections: Who's who?
Sponsored Article
Introducing… Insurance in Stockholm
Gallery
Princess Estelle through the years
Business & Money
Five golden rules for the Swedish job hunt
Society
A closer look at Sweden's five official minority languages
Politics
Sweden elections: How do they work?
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

860
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN