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Daily Digit: Ikea's Record Profit

Description:27 billion euros is today's daily digit in Europe - record revenue at the Swedish furniture group Ikea. It was up 9.5 percent for the year to last August. Net profit was up 8 percent to 3.2 billion euros, another record. Still, operating profit shrank by 3 percent largely thanks to a strategy of not passing on higher raw material costs to the customer. The privately-held firm is known around the world for its low-price, self-assembly furniture. (0:51)

Source: Reuters

Tags: reuters , europe , ikea , south korea