JYSK delivers record results with investments in lower prices

For the financial year 2023/24, JYSK delivered an EBIT result of DKK 4.43 billion (EUR 594 million) and increased its turnover to DKK 41.4 billion (EUR 5.6 billion). The global home furnishing retailer invested in lowering its already competitive prices on over half of its popular quality products and set a new customer record.

During the financial year 2023/24 (FY24), global uncertainties and unrest continued, and although inflation decreased, consumers still felt a need to prioritise their spending. JYSK continued to be customers’ first choice within sleeping and living, and JYSK’s competitive prices on quality products attracted 11.9 million new customers to one of the more than 3,400 JYSK stores across 48 countries.

In FY24, EBIT increased by 12% to DKK 4.43 billion (EUR 594 million), compared to DKK 3.965 billion (EUR 531 million) in FY23, and turnover increased by 7.6% to DKK 41.4 billion (EUR 5.6 billion), compared to DKK 38.5 billion (EUR 5.2 billion) the year before.

“I am very satisfied with our results for the financial year 2023/24. Our employees at our stores, distribution centres, regional and head offices again showed admirable dedication and great customer first mindset during this financial year. Thanks to their hard work, we are setting records in turnover and number of new customers and delivering one of our highest EBIT growths,” says President and CEO of JYSK, Rami Jensen.

Investing in growth

During FY24, JYSK opened 137 new stores across Europe and invested in 489 store activities, which included relocations and enlargements of existing stores and updates to the newest store concept 3.0. Furthermore, JYSK is investing in two new state-of-the-art distribution centres in the Netherlands and Spain to meet the growing number of customers and stores.

JYSK also continued the roll-out of its omnichannel platform, Unified Commerce, to ensure a seamless shopping experience for customers, no matter where or how they choose to shop with JYSK.

Setting ambitious sustainability goals

During FY24, JYSK calculated its greenhouse gas emissions and set new targets to meet requirements from the internationally recognised Science Based Targets initiative in accordance with the Paris agreement.

JYSK strives to reduce emissions within its own operations with 50.4% by 2032 and aims to have 72.5% of suppliers by emissions with targets approved by SBTi before the end of the financial year 2028.

“Sustainability is a fundamental part of our commitment to our customers, our employees and the planet. We want to do our part to reduce our impact on the climate and make sustainability an accessible and affordable choice for our customers when shopping great offers at JYSK,” says Rami Jensen.

Looking ahead

The global retail market is expected to remain unpredictable and pressured by high operational costs after several years with high inflation rates. The current low consumers trust is expected to increase slightly.

During the spring of 2025, JYSK will open its first stores outside of Europe in Casablanca, Morocco. The financial year 2024/25 also marks the last year with the current “Seamless and Closer to the Customer” strategy, and preparation for the next successful strategy for JYSK is well under way, standing on the strong foundation of the JYSK values, Tradesmanship, Colleague and Corporate Spirit.

“Unpredictability is the new normal for retail. We have a strong setup throughout JYSK to counter fluctuations and uncertainties. We continue to focus on our long-term strategy for growth and expansion,” says Rami Jensen.