Danish furniture chain JYSK continues its growth with a turnover of 3.6 billion euros in its financial year 2017-2018. The new record is mostly due to a large number of store openings and the chain's entry into the United Arab Emirates.
“Physical stores are still the right strategy"
JYSK achieved a record turnover of 3.577 billion euros in 2017-2018, and saw its EBIT reach 474 million euros. "It is very satisfying that we once again manage to break records in JYSK. This confirms that it is still the right strategy to invest in physical stores and continue to get closer to customers in all the countries where JYSK is present today," says founder Lars Larsen.
With that statement, he refers to the many stores that the Danish chain keeps opening. At the end of the financial year (31 August 2018), JYSK operated 2668 stores worldwide. The store also expanded into the United Arab Emirates: a local franchise partner opened the first store in Dubai. That opening marks the fiftieth country to host JYSK stores: an impressive milestone indeed.
Ireland to start up on 40th anniversary
To keep supporting that growth, JYSK has expanded the existing distribution centre in Uldum, Denmark. Another distribution centre will be opening in Bulgaria next year as well. "It requires a huge setup to get all our products to so many stores in so many different countries, and the task has not become easier over the years as customers today expect to get their goods right away," Larsen explained in a press conference.
JYSK will also be opening its first stores in Ireland in 2019: the country of Saint Patrick is the last major European nation where JYSK is not yet represented. The official inauguration is scheduled for 2 April, precisely forty years after Larsen opened the very first outlet of his chain. Today, the company employs some 23,000 people.