Furniture retailer Ikea has posted a record profit for the fiscal 2010/11 year on the back of growing sales and a bigger share in almost all of its markets.

"We have gained market share in more or less all markets," Ikea chief executive Mikael Ohlsson said."Despite price increases for many raw materials, we have lowered prices to our customers by 2.6 per cent, while the quality of our products has improved.

"Soren Hansen, vice president for the group, said sales grew in almost all countries with the biggest gains seen in Russia, China and Poland.

In 2009/10, net profit was up 6 per cent to €2.69 billion, while revenue was up 8 per cent to a record €23.5 billion with existing stores accounting for 2.4 per cent of sales growth.

Ikea plans to invest €3 billion in stores, factories and retail centres, as well as in the expansion of its wind farms and solar power sources this year.

The firm, owned by a foundation led by founder Ingvar Kamprad, opened seven new stores in the year, fewer than the 12 stores it opened in 2009/10. As of the end of August 2011, Ikea had 287 stores in 26 countries, including Ireland, and 131,000 employees.

Reuters