Ikea said full-year sales rose 3.1 per cent as the flat-pack furniture retailer gained share in most markets and benefited from growth in Russia and China. Revenue increased to €27.9 billion, the company said yesterday in an e-mailed statement. Same-store sales gained 1.8 per cent at the retailer, which owns the majority of the world's Ikea outlets.

"Value for money is increasingly important to our customers – and our sales development shows that people all over the world appreciate our concept of good quality, well-designed products at low prices," chief executive Peter Agnefjaell said in the statement.

Ikea said some of the strongest growth was in Russia and China and that North America showed significant progress. Southern Europe continued to be affected by that region’s weak economy. – (Bloomberg)