By Aimee Chanthadavong

For the first time, the Swedish flatpack furniture retailer IKEA has revealed details on its financial results.

"Over the past number of years, we have had many requests to learn more about IKEA and we welcome the increased interest. Therefore, the Board of INGKA Holding B.V. decided in December 2009 to present an annual summary of our financial results and comments on the most important developments in an easy and accessible way," Jude Leon, IKEA spokesperson, told Retailbiz.

The privately-owned company has disclosed its first yearly summary in its published report, 'Welcome Inside'. Its net profit for the financial year 2009 was up 11.3 per cent to 2.5 billion Euro (approximately $3.5 billion) while it saw sales grow by 1.4 per cent to 21.8 billion Euro.

During FY2010 sales grew by 7.7 per cent to 23.1 billion Euro. The profit level of FY2010 will be published at a later date.

Mikael Ohlsson, IKEA group president and CEO, said the main part of the profit was re-invested in existing, relocated and new IKEA stores, as well as in factories and retail centres.

"Good profitability is needed to carry out our extensive growth program on existing as well as new markets, to give more people access to the IKEA range,” he said.

“Sustained profitability is also enabling us, through IKEA Social Initiative, to finance a number of Social projects that e.g. soon will have benefited 100 million children.”

In the report, Ohlsson also noted that the company plans to expand on existing as well as on new markets. The group plans to push for store openings in Serbia and Croatia in the next few years. It is also looking to enter the South Korean and Indian market.

Currently, IKEA has three stores in Australia. The company recently announced that it will be expanding its retail footprint in the country with two stores currently under construction.