Once again JYSK announces record earnings
With a turnover of 3.36 billion EUR and an EBIT result of 444 million EUR, the growth continues in JYSK, which now has more than 2,500 stores worldwide.
It is still full steam ahead for JYSK Group, which today on Friday 1st of December publishes the result for the financial year 2016/17.
With a turnover of 3.36 billion EUR and an EBIT result of 444 million EUR, it was yet another record result for the Scandinavian retailer, which now operates more than 2,500 stores and employs more than 22,000 people in 49 countries.
“I am very satisfied with the result and the great effort from our employees. They are the most important reason for yet another record result. I also take pride in the fact that we have been able to significantly increase the number of customers. In my opinion this confirms the need for physical stores and great customer service, despite the increase in online shopping by JYSK and many other retailers,” says founder and owner of JYSK, Lars Larsen.
Investment in stores
JYSK Group will thus continue to open more than 100 new stores each year. At the same time both JYSK Nordic and Dänisches Bettenlager will invest heavily in modernisation and optimisation of current stores.
In JYSK Nordic a brand new store concept has so far been rolled out in Denmark, Sweden and Poland, and the new store design will be implemented in an additional 25 stores within the current financial year. Furthermore 300 stores will go through a significant modernisation.
“JYSK has a strong store concept that works well across borders. But it is crucial that we continuously optimise and improve it to make sure we live up to the expectations of our customers. This is very much about ensuring that our stores inspire our customers,” says Lars Larsen.
Growth all around
Despite the success of JYSK he underlines that the company is far from reaching the finish line in terms of expansion.
“I am proud of the fact that JYSK now has more than 2,500 stores in 49 countries, but this does not mean that we have reached the finish line. JYSK must continue to grow and expand. The next target is to double the number of stores to 5,000 worldwide,” explains Lars Larsen.
Annual results 2016/17
- Turnover: 3.36 billion EUR
- EBIT result: 444 million EUR
In recent years the growth has mainly come from expansion in Central and Eastern Europe.
“We see a lot of growth in countries like Romania, Bulgaria, Greece and Belgium, which are among the most recent countries where JYSK has been etablished. But we also continue to see a great amount of growth in Poland, where JYSK has more than 200 stores, and we are sure that there are room for many more,” says Lars Larsen.
During the latest financial year it was revealed that Chile will be one of next the countries where people will soon be able to shop in a JYSK store, when Dänisches Bettenlager expands to South America.
“Chile is an extremely interesting market, where we see that Scandinavian products are popular. This is combined with good buying power in the country, and I have great expectations that JYSK will become a success in Chile,” says Lars Larsen.
Next country on the map for JYSK Nordic is Ireland, where the first JYSK stores will open in spring 2019.