JYSK has announced record results in the UK and Ireland during its 2020/21 FY, with total sales reaching €68.9m, an increase of +67% YoY.
Despite a challenging end to 2020 and start to 2021, 1.1 million customers (a +30% YoY increase) in the UK and Ireland chose to shop at the Scandinavian retail chain. This, coupled with physical store expansion, an increasing number of focused marketing campaigns and a move towards investing in more brand ambassador campaigns, has helped drive the in-market growth towards JYSK stores, both physical and online.
Country manager JYSK UK and Ireland, Roni Tuominen (pictured), says: “We are delighted to be announcing that JYSK is a retail success story. Whilst it was another tough year for retail in many ways, we are very pleased with the results of our continued investment in growing JYSK’s geographical – and digital – footprint.
"In Ireland, we were able to contribute positive EBIT for our second financial year in the row. In the UK, we have contributed positive EBIT for the first time, which is a huge achievement considering five out of 12 months our stores were closed. Following last year’s turnaround project to merge the UK and Ireland organisations, we have seen the initial trend for growth continue. Our investment in people and bricks-and-mortar stores remains our priority, to make JYSK the UK’s number-one shopping destination for home decor and furniture.
“It was also a great privilege to be able to implement our industry-leading retail reward scheme, where all full-time employees received an average bonus payment of £2397. It is rewarding to acknowledge their hard work throughout the year, especially during the challenging periods with extended lockdowns where they proved they were agile and flexible in helping us to find creative solutions to service our customers.”
With such positive results, Roni explains that JYSK will continue to push forward with its plan to open 14 stores in the UK and Ireland in FY 2021/22: “We are very confident in both the UK and Ireland market, and we will 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, as the nation continues to spend more at time at home and invest in creating comfortable, ‘hygge’-inspired interiors that our synonymous with our Danish heritage.”
The expansion plan also means the retailer is set to hire hundreds of new employees.
The positive results from JYSK in the UK and Ireland are part of a greater success global story for JYSK, which operates more than 3000 stores in 50 countries. The company again managed to utilise the combination of physical stores and strong digital platforms to set a new record, with a turnover of €4.3b and an EBIT result of €605m.