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Retail Ikea profits up 8pc in focus on costs

FURNITURE giant Ikea has packed away a 'stable' profit for 2012 after recording a €6.8m profit in 2011.

The latest figures for profits at the Swedish company were 40pc down on the 2010 accounts.

But manager Paul Reid said that it expects a "stable like-for-like result" in its fiscal 2012 year.

The company confirmed that total sales at the group grew by 9.5pc in 2012.

Net profits rose 8pc to €3.2bn, helped in part by higher revenue and a 'continued cost focus'.

Ikea president and chief executive Mikael Ohlsson said that the company had managed to grow in most of the markets in which it operates.