Ikea, the world's largest furniture retailer, has reported a full-year 11.2% jump in revenues - growing to €31.9bn.

Sales in comparable stores grew by 5% - while the company has experienced the fastest growth in China - which was followed by Russia as the company remains in expansion-mode.

In its longer-term forecast Ikea hopes to move into the Indian market, and that this will be a source of future growth.

It plans to open its first store in India in 2017, and to have an annual turnover of €50bn by 2020.

The Swedish company also enjoyed record growth in Germany, and performed strongly in North America.

Peter Agnefjall, chief executive commented on the results: “We are growing in almost all our markets and we are happy about last year’s sales development.”

“Looking ahead, we see many opportunities for us to continue to grow through our stores and by meeting our customers in new exciting ways in our multichannel environment.”

Ikea currently operates 328 stores internationally and is targeting annual sales growth of 10 percent per year.