JYSK turnover sets new record
Danish furniture retailer JYSK has grown its turnover by 11% to DKK 36.2 billion in its 2021/22 financial year despite challenging trading conditions.
It also saw its customer number increase by 7.7 million as it opened a total of 135 new stores in Europe in the period.
The company said it was happy with the year’s results.
Jan Bøgh, president and chief executive of JYSK, said:”With a very special year behind us, we have delivered a good result on turnover. Our dedicated employees are especially the cause of this, and we are also happy that our customers still think that JYSK has a great offer for them. That has not become less relevant in a world where people really need to prioritise what to spend their money on.”
JYSK said its business has come under pressure from a number of external factors, especially over the summer. Due to rising inflation, the company was impacted by fewer customers and smaller purchases.
Bogh said: ”We are clearly experiencing that consumers have started to hold back a little. The growth in both turnover and number of customers was larger before summer. A part of the extra customers is also returning customers from before the coronavirus crisis with many temporarily closed stores, so they are not all new customers. On top of that, our costs are rising, so it is safe to say that the global situation is affecting us.”
During the year, JYSK had to permanently close a total of 30 stores in Russia, Belarus and Ukraine.
Despite the challenges, it is not planning to decrease its investments.
Bogh added: ”We will continue our investments in the business at an unchanged level, because growth is a part of our DNA. We are about halfway done with the rearrangements of our existing stores to the newest and successful store concept, and we have opened 135 new stores in the past year. Both things are positively received by customers, and that increases our sales.”
Founded in Denmark in 1979, JYSK operates more than 3,200 stores and online shops in 48 countries.
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