Global home furnishing retailer JYSK has reported record results for FY 2023/24, driven in part by investment in lower prices.
JYSK delivered an EBIT of €594m and increased turnover to €5.6b (from €5.2b the previous FY). The retailer invested in lowering its already competitive prices on over half of its popular quality products and set a new customer record.
"During FY24, global uncertainties and unrest continued, and although inflation decreased, consumers still felt a need to prioritise their spending," reports the retailer. "JYSK continued to be customers’ first choice within sleeping and living, and JYSK’s competitive prices on quality products attracted 11.9 million new customers to one of the more than 3400 JYSK stores across 48 countries."
President and CEO of JYSK, Rami Jensen, says: “I am very satisfied with our results. Our employees at our stores, DCs, regional and head offices again showed admirable dedication and great customer first mindset during this financial year. Thanks to their hard work, we are setting records in turnover and number of new customers and delivering one of our highest EBIT growths.”
During FY24, JYSK opened 137 new stores across Europe and invested in 489 store activities, which included relocations and enlargements of existing stores and updates to the newest store concept, 3.0. Furthermore, JYSK is investing in two new state-of-the-art DCs in the Netherlands and Spain.
JYSK also continued the roll-out of its omnichannel platform, Unified Commerce, to create a "seamless shopping experience for customers, no matter where or how they choose to shop with JYSK".
During FY24, JYSK calculated its greenhouse gas emissions and set new targets to meet requirements from the Science Based Targets initiative (SBTi) in accordance with the Paris agreement. JYSK strives to reduce emissions within its own operations by -50.4% by 2032 and aims to have 72.5% of suppliers by emissions with targets approved by SBTi before the end of FY 2028.
“Sustainability is a fundamental part of our commitment to our customers, our employees and the planet. We want to do our part to reduce our impact on the climate and make sustainability an accessible and affordable choice for our customers when shopping great offers at JYSK,” says Rami.
Looking ahead, JYSK expects the global retail market to remain unpredictable and pressured by high operational costs after several years with high inflation rates.
During the spring of 2025, JYSK will open its first stores outside of Europe, in Casablanca, Morocco. FY 2024/25 also marks the last year of the current 'Seamless and Closer to the Customer' strategy, and preparation for the next strategy for JYSK is well under way.
“Unpredictability is the new normal for retail. We have a strong set-up throughout JYSK to counter fluctuations and uncertainties. We continue to focus on our long-term strategy for growth and expansion,” Rami concludes.
