Press release -
Record results for JYSK UK & Ireland Despite Challenging Year
Highlights:
- Total sales in JYSK UK & Ireland reached €41M, an increase of 74%
- JYSK UK & Ireland posts record €2.9M (+69%) improvement on results for FY 2019/2020
- JYSK Ireland reports positive EBIT in first full fiscal year
- 860,000 customers made a purchase during FY 2019/2020, an increase of 55%
- Online orders accounted for 24% of sales
Challenges faced during 2020 were mostly financial but logistics were also tested - many customers turned to online orders, and capacity at warehouses and distribution companies were stretched. Despite the challenges, the company is pleased with the record results.
According to Country Manager for JYSK UK & Ireland, Roni Tuominen, “Whilst it has been a tough year for retail in many ways, we are very pleased with the results announced today. In Ireland, we were able to contribute positive EBIT after just one full financial year. Whilst the EBIT result is not yet at our target levels, to be able to achieve this positive result alongside the significant level of investment and expansion, what we have done is quite remarkable.”
The company, which announced the merger of JYSK UK & Ireland earlier this year, said that synergies achieved, would help improve overall profitability for the company.
“We’ve seen great improvements and positive trends in the UK towards the latter part of this year following the merger of the UK & Irish organisation. This turnaround project that started in June has already resulted in significant growth on our sales and customer numbers. UK customer numbers alone grew by 50% in Q4 compared to last year”, added Roni.
The positive results from JYSK in the UK & Ireland are part of a greater success story, as JYSK, which in total operates more than 2900 stores in 51 countries, announced record global turnover of 4.1 billion EUR.
The company has said it is pleased that they did not have to make any redundancies or staff layoffs despite store closures as a result of the pandemic. Increasing sales and improving trends, as the year progressed, has led to an increase in the number of employees since stores reopened during the summer.
With such positive results and despite the challenges of the current pandemic, Roni Tuominen explains that JYSK will continue to push forward with expansion plans,
“We are very confident in both the UK & Ireland market and we will aggressively continue with our expansion plans over the next 12 months. The appetite is there for home furnishing products amongst our customers, perhaps now more than ever with so many of us spending more and more time at home.”
About JYSK Ireland
- JYSK opened its first store in Ireland in 2019
- During the financial year 2019/2020, JYSK opened 4 new stores in Ireland
- JYSK now operates 9 stores and has 112 employees in Ireland
About JYSK UK
- JYSK opened its first store in the UK in 2008
- During the financial year 2019/2020, JYSK opened 1 new store in the UK
- JYSK now operates 21 stores and has 184 employees in the UK
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JYSK is an international chain of stores with Scandinavian roots that sells everything for the home. The first store opened in Denmark in 1979, and today JYSK has more than 2,900 stores and 26,500 employees in 51 countries. In Germany the stores are called Dänisches Bettenlager – in the rest of the world JYSK. JYSK is owned by the family behind Lars Larsen Group, who owns a number of companies with a total annual turnover of 4.25 billion EUR. JYSK’s turnover is 4.1 billion EUR.
