Scandinavian furniture retailer Jysk is continuing its expansion and reached a new record turnover last year. Over the coming year, the company intends to continue to invest and work on the integration of its sister company, Dänisches Bettenlager.
New stores and more customers
Jysk opened 96 new stores last year and saw its number of customers increase by 3.5 million. This resulted in a new record turnover of 2.35 billion euros for the 2018-2019 financial year, which translates into an increase of 9 % compared to the previous year. "Overall I am pretty satisfied. Revenue has increased by nine percent, despite the fact that the currencies have been slightly against us. At the same time, we have shown that we are still able to attract lots of new customers both in our stores and online", CEO Jan Bøgh said in a press release.
The chain now achieves 7 % of its total turnover online: according to Bøgh, the ability to further develop both the physical stores as well as online activities is one of the reasons behind the success of the chain. "We have invested and continue to invest heavily in making it easy for customers to switch between physical stores and online."
In the coming financial year, much attention will go to the merger between the business units Jysk Nordic and Dänisches Bettenlager, the sister company with branches in Austria and Germany (amongst others). As of 1 September, both units have been merged under the original name, with Bøgh the man in charge.
In addition to the two business units mentioned above, Jysk Group also includes Jysk Franchise, which operates more than 160 stores in 23 countries. The figures reported in this article are only in relation to Jysk Nordic. Group-wide turnover and associated results will be published in November.