Higher turnover, but lower profit for Jysk

Higher turnover, but lower profit for Jysk

Scandinavian furniture retailer Jysk is continuing its expansion and achieved a new record turnover last year. However, profit was lower than a year earlier.

 

Expansion

The group consisting of Jysk Nordic, Jysk Franchise and Dänisches Bettenlager achieved a total turnover of 3.79 billion euros, which is an increase of 6.3 %. In net terms, 175 stores were added, including the first store in Ireland. The chain now has a total of 2,843 stores, of which 198 are owned by franchisees.

 

The operating result fell by 7.7 % to 436 million euros in the past financial year, due to rising labour costs in Central and Eastern Europe, as well as higher distribution costs - both to the stores and to the end consumer. The company also made significant investments in its IT infrastructure and e-commerce, as well as building a new distribution centre in Bulgaria.

 

Merger

As CEO Jan Bøgh announced at the time of publication of the split year figures in September, that the coming financial year will be largely dominated by the merger on 1 September between the Jysk Nordic business units and Dänisches Bettenlager, the sister company that has branches in Austria and Germany.

 

Would you like to know more about Jysk’s growth strategy? Their country director for the Netherlands & Belgium, Frank Christant, will be speaking at the RetailDetail Night on Thursday, 28 November, in San Marco Village in Schelle. The programme includes thematic seminars in the afternoon and a plenary session in the evening - including the annual retail overview by Professor Gino Van Ossel. After the presentation of the RetailDetail Awards and a 'keynote' by Jef Colruyt, there will be the opportunity for networking and enjoy some delicious snacks and drinks. Follow this link for more information and to order your tickets.