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Ikea reports profit boost for 2010

AFP/The Local · 14 Jan 2011, 11:32

Published: 14 Jan 2011 11:32 GMT+01:00

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Ikea, an unlisted, family-owned company that does not traditionally release regular earnings reports, said in its annual statement its net profit rose 6.1 percent to €2.7 billion ($3.6 billion) in its 2010 financial year -- September 2009 to August 2010.

Global sales meanwhile jumped 7.7 percent to €23.1 billion, Ikea said, adding that its performance had been especially strong in China, Russia and Portugal.

Last year "was a good year for us, with increasing sales despite a tough market situation in many countries," company president and chief executive Mikael Ohlsson said in a statement.

Ikea's chief financial officer Sören Hansen agreed, pointing out that the year had been "unpredictable ... with the effects of the financial crisis in 2009 still a reality for many of our customers.

"The conditions in our markets ranged from favourable to difficult," he said in the annual report, adding however that financial year 2010 had "turned out to be a very good year for our retail operations, with growth in most markets."

The company said its gross margin improved to 46.1 percent from 44.6 percent a year earlier.

During financial year 2010, Ikea said it opened 12 new stores in eight countries, and at the end of August counted a global total of 280 stores in 26 countries.

Story continues below…

The company, which has 127,000 employees, said Europe accounted for 79 percent of sales, with North America on 15 percent and the Asia-Australia region the rest.

AFP/The Local (news@thelocal.se)

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Your comments about this article

12:01 January 14, 2011 by Plowbridge
Congratulations to IKEA for only paying Sweden 1.5% of the record profits in tax.

A shining example of how to screw your own country in pursuit of greed.
13:40 January 14, 2011 by Roy E
Sorry Plowbridge,

What's greedy is people thinking they have a claim to what other people earn, even if it is from selling cheap crap .
14:58 January 14, 2011 by dobermann
To roy E

there are only two real things in life: taxes and death..

It's not greedy to whish, that every folk would pay taxes in the same way.
15:42 January 14, 2011 by Great Scott

"It's not greedy to whish, that every folk would pay taxes" Correct, bit it is greedy to advoid paying taxes.
16:43 January 14, 2011 by Roy E
Who writes the tax loopholes that allow the 'avoidance' of paying taxes for some, but not others?

And more importantly, "Why?"

That might be more relevant to concerns about greed.
17:12 January 14, 2011 by Great Scott
I made a right hash of my last post sorry guys.

@Roy E

Whatever the opportunity, greed will always prevail, it's human nature.

Do you think, a company or a private person will put their hands up and say no, we will not use the loophole, as we know it is there by mistake? We will help the government and them the problem.

However I do feel that some loopholes are made for certain people, and that's greed.
18:57 January 14, 2011 by expatjourno
I wonder how much other companies pay in tax and whether their stockholders would agree to let them forego some loopholes.
19:48 January 14, 2011 by köttbullar
Hi guys ! will be also greedy but this company ensure a lot of work Worldwide!

And I think also is a good solution in this moment of economic instability, after they doing on that an opportunity, but is welcome!

Regards from Italy.
13:26 January 15, 2011 by dobermann
There is a good saying in my country: the one can't take his money to his grave...
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