Flat-pack specialist Ikea, which operates two major outlets in Ireland, made a record profit last year, increasing market share in almost all the countries it operates in. Ikea, the world's largest furniture chain, said profit in its last financial year rose 3.1 per cent to n3.3 billion (£2.7bn), helped by strong growth in china, Russia and the US. Global sales reached n27.9bn (£23bn) and Ikea insisted it remained on target to hit its 2020 sales target of n50bn (£41.2bn). "Value for money is increasingly important to our customers, and our sales development shows that people all over the world appreciate our concept of good quality, well-designed products at low prices," Ikea president peter agnefjall said.