JYSK comes closer to nearing global ambitions
Despite an EBIT decline, JYSK’s turnover grew to €3.794b (up +6.3% YoY) in the last financial year, which saw the global retailer open 175 new stores, celebrate its 40th anniversary, open its first store in Ireland and merge its JYSK Nordic and Dänisches Bettenlager business units.
The year also saw the passing of JYSK’s founder Lars Larsen.
“Looking back at the 2018/19 financial year, I can certainly say that it has been one of the most eventful years in JYSK’s history, both for the good and for the worse,” says president and CEO, Jan Bøgh. “It was expected that the result would be slightly lower than last year. This is due to, among other things, very large salary increases in Central and Eastern Europe, as well as significantly higher distribution costs both in relation to transport from warehouse to store and direct distribution to customers.
“At the same time, we have made very large investments. Both in terms of IT to ensure that JYSK is among the best when it comes to online shopping opportunities, and in the form of opening a new distribution centre in Bozhurishte in Bulgaria, the establishment of a record number of new stores and the opening of JYSK in Ireland.
“The opening in Ireland was something very special. Both because it took place on 2nd April on the 40th anniversary of JYSK’s foundation, but also because Ireland was the last major market in Europe without JYSK stores. Unfortunately, the opening in Ireland also became the last country opening for our founder, whom we lost in August. The attention we received in connection with Lars Larsen’s passing was touching and clearly showed how big an impression he made on Denmark.”
Jan states that JYSK will continue to work towards achieving Lars’ vision of 5000 stores worldwide – which includes an ambitious rollout of UK stores, which currently number 20.