JYSK delivers record results despite global challenges
JYSK has posted growth in full year sales and EBIT as it looks ahead to further expansion.
In its financial year ending August 2022, the Danish furniture retailer reached its highest EBIT result to date at €612 million and increased its turnover by 11% to €4.87 billion.
However, the company said it is now seeing the first signs of a slowdown due to difficult trading conditions following the outbreak of war in Ukraine and rising inflation.
JYSK president and chief executive Jan Bøgh said: “It has been yet another very challenging year, but everyone in JYSK can be very proud of our results. Whether in stores, distribution centres or offices, all colleagues have contributed to our continued success. I am very impressed by all the dedication and hard work that has been and continues to be delivered.”
During the year, JYSK opened a total of 135 new stores across Europe and attracted an additional 7.7 million customers both in stores and online. It is also planning to open its first stores in Turkey next year. According to its website, JYSK now operates 27 UK stores.
The company said it experienced an expected softening of sales during the summer months. It has also been hit by rising costs within its stores, distribution centres and offices.
Bøgh added: “Customer buying power is under pressure and they are no longer forward buying as they were during the last couple of years, as they are having to prioritise even more where they spend their money in the coming months. Therefore, I expect to see a slowdown in our sales that will be reflected in our results for our financial year 2022/23.”
Founded by Lars Larsen in Denmark in 1979, JYSK now has more than 3,200 stores and webshops in 48 countries.
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