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Netherlands-based holding company Ingka Group, the owner of most IKEA stores, has reported total revenue of €42bn ($43.6bn) for fiscal 2022 (FY22).

The figure represents a 5.7% increase from €39.78bn in fiscal 2021 (FY21).

In the 12 months to 31 August, Ingka Group’s gross profit increased to €13.96bn from €12.87bn a year earlier, while its operating income for the year was €2.03bn.

The group posted income before minority interests and taxes of €833m in FY22, compared with €2.23bn in FY21.

Its net income fell to €300m due to the impact of interest rates on financial market investments and the geopolitical conflict in Russia and Ukraine.

Ingka Group closed the year with 52 new IKEA store locations. It also opened Ingka Centres Meeting Places in Toronto, Canada, and London, UK, during the year.

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By GlobalData

Ingka Group (IKEA) deputy CEO and CFO Juvencio Maeztu said: “I am proud of the efforts of all co-workers, and I would like to thank them for their dedication during what has been an unpredictable and challenging period.

“Our financial performance has been solid, considering the challenges the world is facing, and reinforces the resilience the business has.

“We managed to grow, invest and overall, it is a positive financial result. This provides a good base for the challenges and opportunities ahead.

“Given our consistent operating income, increased revenue, continued profits and added investment across operations, we are well-placed to deal with the current economic conditions.”

Last month, IKEA reported total retail sales of €44.6bn for FY22, up 6.5% from €41.9bn in FY21.

Driven primarily by the European market, the retailer’s store sales grew by 13% year-on-year, while its digital sales dropped by 10% from a year earlier.

It hosted 822 million visitors in the year, compared with 775 million in FY21.