Profits at Swedish furniture giant Ikea slid 8 per cent to £67.9 million in the year to August 31, 2006, according to accounts filed at Companies House. Sales rose 2 per cent to £1.09 billion for the year.

Profits at Swedish furniture giant Ikea slid 8 per cent to£67.9 million in the year to August 31, 2006, according to accounts filed at Companies House. Sales rose 2 per cent to£1.09 billion for the year.

Ikea UK managing director Peter Høgsted said the group was in the process of a£760 million expansion. He said: “With the revival of the retail industry and the housing market we expect growth in the home furnishings market over the next 5 year period. We remain confident that our expansion plans coupled with our commitment to quality and price will enable us to increase market share.”

Ikea launched its online store in January, and Høgsted expects the site to cover the whole of the UK by next spring. By then he expects online sales to reach£80 million.

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