Buoyed by surging demand, Ikea to expand globally

(AP) Ikea says it plans to open 25 new outlets this year, recruiting 75,000 workers as its global market share in 2012 increased with annual net profit growing 8 percent to 3.2 billion ($4.3 billion) in 2012.

The world's largest furniture retailer on Wednesday reported revenue of 27.5 billion for the 2012 fiscal year, up from 26 billion a year earlier. The company does not release quarterly figures.

Ikea Group CEO Mikael Ohlsson said most growth last year was in China, Russia and Poland, closely followed by the United States and Germany.

Ikea said it had continued lowering prices for customers and further improved product quality.

The Sweden-based company has 338 stores employing some 154,000 people in more than 40 countries. The new outlets will mainly be in Asia.