JYSK delivers another record result; CEO change

Danish furniture retailer JYSK has reported record results once again with sales growing 11% to EUR 4.87 billion.

According to its results for 2021/22 (FY22) JYSK said that EBIT resulted at EUR 612 million, up slightly against EUR 610 million in 2020/21. During the period it had opened 135 new stores and gained 7.7 million new customers.

Commenting on the results, Jan Bøgh, President & CEO of JYSK, said: “Last year, I decided to stop predicting about the future. And if anything, the past year has taught us that the world really is unpredictable. With inflation on the rise, consumer trust in decline and many other challenging global factors, the latest financial year 2021/22 (FY22) has exceeded even the past few years, which were turbulent on their own.

“When we only look at the numbers, FY22 seems quite normal. 11 percent growth on turnover and a stable development on earnings. Everyone in JYSK can be proud of our results. Whether in stores, distribution centres or offices, all colleagues have contributed to our continued success. I am very impressed by all the dedication and hard work.

“Most significantly during the year, war broke out in Europe, when Russia invaded Ukraine in February 2022. Our first actions were focused on our employees’ safety, and we immediately decided to temporarily close all of our 86 stores in Ukraine. Most of them are open again to customers.

“Our colleagues in Ukraine have done an extraordinary job by supplying the people of Ukraine with many necessary home items. Not least essential products for the ones forced to flee their home.

“Also, our colleagues from other countries have lived up to our company values. They have helped our colleagues from Ukraine find both jobs and homes. It makes me very proud to see all of the heartwarming actions from all of JYSK.

“As a consequence of the war, we also had to do something that fundamentally goes against our DNA. However, it did not take us long to decide that we needed to permanently close down our business in Russia, with the last stores closed in May 2022.

“In other parts of Europe, we are still investing in brand new, re-located and re-arranged stores to deliver great offers for our customers. Our goal remains to have upgraded all 3,200+ stores with our successful Store Concept 3.0 by the end of FY24.

“During FY22, we have managed – despite rising costs, lack of materials and scarcity of staff – to open a total of 135 new stores, and we have welcomed an additional 7.7 million customers in our stores and webshops.

“We are also looking forward to opening our first stores in Turkey in the spring of 2023. I believe we have a great Scandinavian offer to make JYSK a success in this country too. Both in Turkey and the rest of the world, our future success depends on being able to deliver those great offers that we are known for. Especially in these trying times when people need to prioritise the basics such as food, water and electricity. The time of forward buying when customers invested in home renewal during lockdowns is probably over.

“On a personal note, the coming financial year will be my last as President & CEO of JYSK. On 1 September 2023, Deputy President & CEO Rami Jensen will take over responsibility for JYSK. At the same time, I will take up a new position as President & CEO of Lars Larsen Group Retail.”

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