Ikea, the world’s biggest furniture retailer, posted a record net profit for the 2011/12 year, helped by sales and market share growth as budget design enticed austerity-hit shoppers.

Net profit at the privately-held Swedish firm rose 8 per cent to €3.2 billion in the 12 months through last August.

Ikea says it is relatively resilient to economic downturns as these make cost-conscious consumers turn to cheaper goods.

Ikea has only in recent years started opening up the books on its results.

Revenue grew by 9.5 per cent to a record €27 billion as the group gained share in all markets.

Chief executive Mikael Ohlsson predicted group comparable sales around 5 per cent in the next few years. “We have been on that level the past three or four years.” – (Reuters)