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Stable profit for sustainability-focused Swedish furniture giant IKEA

Xinhua, January 28, 2015 Adjust font size:

Swedish furniture giant IKEA has posted a 3.3 billion euro (3.74 billion U.S. dollar) profit for 2014, marginally up from the previous year.

Sales rose by 28.7 billion euros, an increase of 5.9 percent, but investment in sustainability and employee initiatives were behind the modest increase in profit.

IKEA released its results for 2014 alongside a sustainability report which showed that during the year, IKEA invested in a further 87 wind turbines and installed 150,000 new solar panels, taking the company a step closer to its goal of producing more renewable energy than the total energy it uses by 2020.

"By the end of 2015, we aim to have invested 1.5 billion euros in renewable energy projects," Peter Agnefjall, president and CEO of IKEA Group, said in a statement on the company's website.

"Sustainability is a key driver of innovation and an integral part of our business strategy. We see it as a great opportunity to improve our business," he said. Endit