In the retailer's FY23, JYSK achieved an EBIT of €531m (down -13.2% YoY but up +5.7% on 2019/20) and increased its turnover by +6.3% to €5.2b worldwide, welcoming over 1.2 million new customers to its stores.
As expected, the FY, which ran to 31st August, was a challenging one for JYSK, as inflation continued to rise, keeping operational costs up and affecting consumer buying power. JYSK says it countered this by investing in competitive prices and offers for the customers on cornerstones of the business, such as garden furniture.
"Despite the decrease in our EBIT result this year, JYSK has stayed ahead of the decline in sales in the global home furnishing market due to our low price points and high-quality products," says JYSK's president and CEO, Rami Jensen.
During the FY, JYSK opened its first stores in Turkey, and further openings in the country are under way.
Overall, JYSK opened 135 new stores in FY23. On top of this, JYSK also invested in a record number of store activities, which amounted to 619 relocations and enlargements of existing stores, and updates to the newest store concept (3.0) – two thirds of JYSK's stores have now been redesigned in this manner.
JYSK opened a distribution centre in Hungary, representing an investment of €200m, and continued to invest in IT solutions to deliver on its 'Seamless and closer to the customer' strategy through Unified Commerce, which enables the customer to start and finish orders in either the stores or online.
“Our expansion plans continue without slowing down," Rami continues. "We plan to open at least as many stores next financial year, and we want to get even closer to our customers to ensure that we stay top of mind and relevant for their shopping needs within home furnishing.
“Despite the uncertainty in the world around us, we continue to focus on our long-term goal of growth and expansion. JYSK is known for our great Scandinavian offers, and customers continue to choose us when they are searching for a new bed, garden furniture or home decorations, and for our high level of customer service. We continue to be on the right path.”