IKEA Group earns year sales of €38.3bn, €3bn profit revealed

IKEA Group has reported on its financial year up to the end of August, with sales of €38.3bn leading to profits of €3bn. 

The Swedish retailer benefited from close to 1bn store visits while its recent focus on developing its e-commerce platform led to 2.3bn web visits over the period.

Profits are ultimately down on its previous annual figures, however, with a €1.5bn difference attributed to the sale of a number of production and supply chain subsidiaries.

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"During the full year, the IKEA Group invested €3.1bn in stores, distribution and customer fulfilment network, shopping centres, renewable energy and forestry," it said in a statement.

"The decrease in operating result was mainly driven by the loss of profit from the companies that were sold in the transaction, as well as the increased costs in IKEA Retail to support multi-channel growth and expansion."

IKEA stores worldwide are owned by 11 franchisees, of which IKEA Group is the biggest with 355 stores at the end of August.