"During this challenging year, we have seen the importance of value for money increasing", Ikea vice-president Sören Hansen said.

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Swedish furniture giant Ikea said Friday its net profit for the 2009 fiscal year was up 11 percent to 2.5 billion euros (3.43 billion dollars), in a first annual summary of its financial details.

Ikea is an unlisted, family-owned company and until now has not released regular earnings reports.

The company said sales in the year to August 2009 were marred by the global economic crisis, growing only 1.4 percent to 21.8 billion euros (29.9 billion dollars).

"2009 was a tough year. After a longer period of increased costs for energy, food and housing, the economic crisis put further strain on everyone’s income," Ikea vice-president and chief financial officer Sören Hansen said.

"During this challenging year, we have seen the importance of value for money increasing and, as a result, we have been able to attract even more customers to our stores," he said in the company's earnings report.

Friday's report also included some figures on the company's year to August 2010, with sales up 7.7 percent.

The company said its profit for 2010 would be released at a later date.

Ikea -- famed for its flat-pack stylish furniture -- has 280 stores in 26 countries. Some 204 stores are in Europe, which accounted for 79 percent of its year to August 2010 sales.

The usually secretive company also said Friday that its board decided in December 2009 to release a financial results summary annually.

"The yearly summary is aimed at our co-workers and suppliers as well as other stakeholders, who have shown an increasing interest in knowing more about different parts of Ikea," said chief executive Mikael Ohlsson, who took over in 2009.

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