Sweden's IKEA, the world's biggest furniture retailer, last Friday posted a record profit for the fiscal 2010/11 year on the back of growing sales and a bigger share in almost all of its markets.

Net profit at the privately-held Swedish firm, known the world over for low-price, self-assembly, flat-packed furniture, rose 10.3 percent to EUR2.97 billion (USD3.89b) in the year to last August. Revenue grew 6.9 percent to a record EUR25.17b, with existing stores accounting for 2.7 percent of sales growth.

Soren Hansen, vice president for the group, said sales grew in almost all countries with the biggest gains seen in Russia, China and Poland.