Swedish furniture giant Ikea reported on Wednesday an 8-percent rise in full-year profit and said it was benefiting from more cost-conscious consumers.
Net profit rose 8 percent to 3.2 billion euros ($4.3 billion) as revenue rose 9.8 percent to 27.6 billion euros in the year ending August 31st.
"Customers are getting more and more value conscious, which makes Ikea a better choice," Mikael Ohlsson, chief executive of the Ikea Group, said in a statement.
Ikea is donating 16 million kronor ($2.46 million) to help improve schools near its headquarters in southern Sweden to make it easier for the furniture giant to recruit workers to the area.
"Älmhunt is the heart of Ikea and we have 4,000 employees here," Gudmund Vollbrecht, a senior advisor with Ikea AB, said in a statement announcing the initiative.