Ingka Group, the holding company that runs Ikea posted a fall in operating profit to €2bn (£1.7bn) during the year to the end of August.

However, the group’s sales increased 5.3% to €39.1bn (£33.5bn) and pre-tax profits jumped 19% to €2.5bn (£2.14bn) due to a rise in income from financial investments.

Ikea profits fell 10% during the same period as the homeware retailer ramped up its spending in renewable energy and growing its online business.

The retailer’s online sales soared 50% and in-store sales registered a 0.7% uptick.