Ikea, the world's biggest furniture retailer, reported on Thursday an 11 per cent increase in fiscal full-year sales to a record €31.9 billion.

The Swedish company, known for its flat-pack self-assembly budget furniture, said comparable stores accounted for 5 per cent of sales growth in its fiscal year that runs through August.

Ikea Group, which owns most Ikea stores worldwide and has the bulk of its business in Europe, said sales grew in nearly all its markets, with China the fastest-growing followed by Russia.

Germany showed record growth and North America performed well, while southern Europe showed positive progress, it said in a statement.

Through a number of deals in the year, Ikea Group became the sole owner of shopping centres previously co-owned.

Reuters