The 2022/2023 financial year was another record year for JYSK, thanks in part to strong expansion. However, sales growth continues to slow.
No more double digits
Last year, Scandinavian furniture chain JYSK had already had to admit to a slowdown in growth, when sales climbed by 11% to 36.2 billion Danish kroner (4.9 billion euros). Today, even double-digit growth is no longer possible: sales rose by 6.3% this year to 38.5 billion kroner (5.2 billion euros).
Nevertheless, this is a new record for the retailer, which remains committed to aggressive shop expansion. A total of 135 shops were opened in the year to the end of August, the same number as the previous year. In May, the chain also expanded into Turkey. JYSK now has more than 3,300 shops in 48 countries, and the number of customers has increased by 1.2 million.
Rami Jensen, the new CEO and Chairman for the past two weeks, is pleased with the results. “The global retail market is still under pressure, consumer confidence and purchasing power are low”, he says, but JYSK’s image and positioning remain strong.
JYSK has also revamped 619 shops, which have received the latest 3.0 shop concept. More than two thirds of the shops have been redeveloped, “and we have no intention of slowing down in the coming years”, says Jensen.