Danish furniture retailer JYSK has reported a growth in turnover as sales climbed closer to £40m.

According to its latest filed accounts for the year ended 31 August 2022, total sales rose 17% to £38.3m from £32.9m in 2021.

Gross profit increased from £17.6m to £20.3m, while pre-tax profit resulted at £144,000, down from £2.9m recorded the previous year.

Stated within its report, the company said the decrease in profit was due to increased costs during the period as a result of the reduction in Government subsidy agreements in relation to Covid and also as a result of inflation and supply challenges within Europe as a result of the War in Ukraine.

JYSK said that this impact was reduced by “proactive cost management” and that it continues to grow its UK market share with new store openings as part of its business model. It expects sales to show “moderate growth” in the year ahead from existing business and new stores.