Ikea boosts profit, sales despite economic crisis

Ikea says its profit jumped 10.3 percent last year as the Swedish furniture retailer increased sales despite economic uncertainty in some of its key markets.

Ikea said Friday it made a net profit of $3.81 billion, 2.97 billion euro, in the year ended Aug. 31, while revenue grew 6.9 percent to 25.17 billion euro.

Chief executive Mikael Ohlsson said sales growth had accelerated since September, even as the debt crisis in Europe pummeled markets around the globe.

Ohlsson said Ikea is examining the details of recent legislation that will open up India to foreign companies and allow large single-brand retailers to own 100 percent of their stores there.

He said Ikea would only open stores in the fast-growing country once it was sure laws would not interrupt its cherished value chain.