Jysk reports record results
Danish-owned global furnishing group Jysk will post record results ahead of its 35th anniversary. It coincides with the end of a year-long investment in doubling its stores - and the soft launch of its online shopping - in the UK.
Danish-owned global furnishing group Jysk will post record results ahead of its 35th anniversary. It coincides with the end of a year-long investment in doubling its stores - and the soft launch of its online shopping - in the UK.
Both sales and profits (6% up on the same period last year) have increased for the Danish chain, which now has more than 2100 stores located in 35 countries worldwide. In the UK, the focus has been on investment and development in this, the group’s fifth year in the country. Stores in the UK now number 10, including Jysk's first presence in the south (Bournemouth), and its online store, which went live at the end of November.
UK country manager for Jysk, Steve Stenhouse, says: “We’ve closed the year with the wider group trading strongly. In the UK, store openings have gone to plan and our online shopping is achieving encouraging early results.”
According to the global retail chain's most recent accounting figures Jysk made significant improvements in both sales and earnings in 2013.
The chain's 2100 stores, located across 35 countries, are now approaching a total sales figure of €2.53b. The company's earnings before interest and taxes (EBIT) have followed the same pattern, and now stand at €319m, an increase of 5.5%.
"It's been yet another year of growth. We opened a lot of new stores and hired some 1000 new colleagues around the world. These days, customers are thinking a lot about how to get the most value for their money, and it's nice to see that so many are choosing our great offers," says Jysk's owner, Lars Larsen.
Over the course of 2013, Jysk acquired full control of three former franchise countries – Romania, Bulgaria and Ukraine – which today have a total of 36 stores. The plan is now to open many more Jysk stores in the three countries in the coming years.
Jysk will also establish a new distribution centre in southern Germany, as well as significantly expand the company's existing one in Sweden. The combined projects will cost over €135m. Today, Jysk has seven distribution centres in Europe and one in China.
Even though consumers are generally cautious due to the financial crisis, Jysk expects continued increases in sales and earnings for the 2013/14 accounting year – and anticipates opening around 120 new stores.
Jysk Group, the collective name of the 2100 Jysk/Dänisches Bettenlager stores around the world, is the largest part of Lars Larsen Group, the umbrella name for all of Jysk founder Lars Larsen's companies.
Included in Lars Larsen Group are IDEmøbler and Ilva, which Lars Larsen purchased this year, as well as Bolia.com and a number of other companies. The combined turnover of the group is currently €2.9b.
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