Ikea boss reveals profits in Christmas speech

Ikea founder Ingvar Kamprad has made a rare admission of the company's profits. The Swedish furniture giant, which usually keeps its profits secret, made 25 billion kronor in the last financial year, Kamprad revealed in a Christmas speech to staff last week.

Kamprad made the revelation at an event at the company’s headquarters in Älmhult, southern Sweden, in what Swedish newspapers are interpreting as a slip. While not directly putting a figure on the profits, he said that the company had paid around 6.5 billion kronor in tax, which he said was 25.3 percent of profits. This would put total profits at over 25 billion kronor.

A spokesman for Ikea was on Thursday refusing to add to the revelations.

“We do not usually comment on profits. I have nothing to add,” said Fredrik Wahrolén, information director for the company’s Swedish operations, to local newspaper Smålands Posten.

The company’s sales figures have increased four-fold in the past ten years. Ikea made sales of 160 billion kronor in the year to August – a record for the company. Sales in Sweden for the last financial year exceeded 10 billion kronor.