Danish furniture retailer delivers record sales

Danish furniture retailer JYSK has reported a record growth in sales as revenues grew 11% to DKK 36.2 billion (£4.2bn).

JYSK saw a growth in the number of customers by 7.7 million, with the brand opening a total of 135 new stores across Europe.

During the period, the company also closed 30 stores in Russia, Belarus and Ukraine due to the ongoing conflict.

During September, JYSK will open a further two more stores in the UK and Ireland, with one opening in Barnsley on 29 September at Wombwell Lane Retail Park, Wombwell Lane, Stairfoot, and the other in Clonmel, which has now launched at the Powerstown Centre.

Jan Bøgh, President & CEO in JYSK, commented: “With a very special year behind us, we have delivered a good result on turnover. Our dedicated employees are especially the cause of this, and we are also happy that our customers still think that JYSK has a great offer for them. That has not become less relevant in a world where people really need to prioritise what to spend their money on.

“We are clearly experiencing that consumers have started to hold back a little. The growth in both turnover and number of customers was larger before summer. A part of the extra customers are also returning customers from before the coronavirus crisis with many temporarily closed stores, so they are not all new customers. On top of that, our costs are rising, so it is safe to say that the global situation is affecting us.

“We will continue our investments in the business at an unchanged level, because growth is a part of our DNA. We are about halfway done with the rearrangements of our existing stores to the newest and successful store concept, and we have opened 135 new stores in the past year. Both things are positively received by customers, and that increases our sales.

“We are living in an uncertain world, so after the lockdowns and a new war in Europe, I have stopped predicting too much about what is going to happen. However, we believe that we have a strong business model, and we have previously done well during financial crisis and cautious consumers. I am convinced we can do so again.”

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