JYSK posts record results in UK and Ireland
JYSK, the Danish furniture and home furnishings brand, has posted record results in the UK and Ireland in its latest financial year with total sales growing by 67% to €68.9 million.
During the period, the retailer saw its customer numbers rise by 30% to 1.1 million as it expanded its store portfolio in the region and invested in a range of marketing and brand ambassador campaigns.
Roni Tuominen, country manager for JYSK UK and Ireland, said: “Whilst it was been another tough year for retail in many ways, we are very pleased with the results of our continued investment in growing JYSK’s geographical – and digital – footprint. In Ireland, we were able to contribute positive EBIT for our second financial year in the row.
“In the UK, we have contributed positive EBIT for the first time which is a huge achievement considering five out of 12 months our stores were closed. Following last year’s turnaround project to merge the UK and Ireland organisations we have seen the initial trend for growth continue. Our investment in people and bricks-and-mortar stores remains our priority to make JYSK the UK’s number one shopping destination for home decor and furniture.”
JYSK also implemented its retail reward scheme where all full-time employees received an average bonus payment of £2,397 in recognition of their hard work throughout the year and during the Covid-19 lockdowns.
In the new financial year, JYSK is planning to open 14 new stores in the UK and Ireland. The expansion means the retailer is set to hire hundreds of new employees.
Tuominen added: “We are very confident in both the UK and Ireland market, and we will continue with our expansion plans over the next 12 months. The appetite is there for home furnishing products amongst our customers, perhaps now more than ever as the nation continues to spend more at time at home and invest in creating comfortable, ‘hygge’ inspired interiors that our synonymous with our Danish heritage.”
JYSK operates more than 3,000 stores in 50 countries. Across the wider company, turnover came in at a record €4.3 billion while EBIT was €605 million.