For the financial year 2023/24, Danish furniture retailer JYSK delivered an EBIT result of DKK 4.43 billion (EUR 594 million) and increased its turnover to DKK 41.4 billion (EUR 5.6 billion).
The global home furnishing retailer invested in lowering its already competitive prices on over half of its popular quality products and set a new customer record.
During the financial year 2023/24 (FY24), global uncertainties and unrest continued, and although inflation decreased, consumers still felt a need to prioritise their spending. JYSK continued to be customers’ first choice within sleeping and living, and JYSK’s competitive prices on quality products attracted 11.9 million new customers to one of the more than 3,400 JYSK stores across 48 countries.
In FY24, EBIT increased by 12% to DKK 4.43 billion (EUR 594 million), compared to DKK 3.965 billion (EUR 531 million) in FY23, and turnover increased by 7.6% to DKK 41.4 billion (EUR 5.6 billion), compared to DKK 38.5 billion (EUR 5.2 billion) the year before.
“I am very satisfied with our results for the financial year 2023/24. Our employees at our stores, distribution centres, regional and head offices again showed admirable dedication and great customer first mindset during this financial year. Thanks to their hard work, we are setting records in turnover and number of new customers and delivering one of our highest EBIT growths,” says President and CEO of JYSK, Rami Jensen.
During FY24, JYSK opened 137 new stores across Europe and invested in 489 store activities, which included relocations and enlargements of existing stores and updates to the newest store concept 3.0. Furthermore, JYSK is investing in two new state-of-the-art distribution centres in the Netherlands and Spain to meet the growing number of customers and stores.
JYSK also continued the roll-out of its omnichannel platform, Unified Commerce, to ensure a seamless shopping experience for customers, no matter where or how they choose to shop with JYSK.
During FY24, JYSK calculated its greenhouse gas emissions and set new targets to meet requirements from the internationally recognised Science Based Targets initiative in accordance with the Paris agreement.
JYSK strives to reduce emissions within its own operations with 50.4% by 2032 and aims to have 72.5% of suppliers by emissions with targets approved by SBTi before the end of the financial year 2028.
“Sustainability is a fundamental part of our commitment to our customers, our employees and the planet. We want to do our part to reduce our impact on the climate and make sustainability an accessible and affordable choice for our customers when shopping great offers at JYSK,” says Rami Jensen.
The global retail market is expected to remain unpredictable and pressured by high operational costs after several years with high inflation rates. The current low consumers trust is expected to increase slightly.
During the spring of 2025, JYSK will open its first stores outside of Europe in Casablanca, Morocco. The financial year 2024/25 also marks the last year with the current “Seamless and Closer to the Customer” strategy, and preparation for the next successful strategy for JYSK is well under way, standing on the strong foundation of the JYSK values, Tradesmanship, Colleague and Corporate Spirit.
“Unpredictability is the new normal for retail. We have a strong setup throughout JYSK to counter fluctuations and uncertainties. We continue to focus on our long-term strategy for growth and expansion,” says Rami Jensen.
As for the UK and Ireland, JYSK delivered a record-breaking turnover of €120m up 13.6% on the previous year for 2023 / 2024. Customer growth has increased more than 20% YoY, which is an increase of 400,000 customers taking the total to almost 2.5 million shoppers in the last year.
During the fiscal year, JYSK celebrated five new openings across the UK & IRE creating 50 new jobs. Strengthening the store network in each market continues, and the newest Dublin store in Liffey Valley has immediately reached highest footfall levels in Ireland.
Country Director for JYSK UK & IRE, Roni Tuominen, said: “I’m very pleased with the increased customer growth achieved during FY24, which clearly shows that our proposition and offering continues to appeal to new customers in both markets. Although global uncertainties and unrest continued during the financial year 2023/24 (FY24), we invested in lowering our already competitive prices on over half of our popular quality products and included even more products in our popular “Everyday Low Price” assortment. This resulted in significant increase in the number of units sold.”
To get closer to increasing customer base, JYSK has plans to open eight new stores in Ireland during the next financial year 2024/2025 (FY25), and to further support online growth in both markets, JYSK has invested in a local warehouse in Dublin.
The ‘dark store’ will be a compact warehouse with racking and shelves to support the logistics of online deliveries. It will house the full product assortment from stores plus additional products that are online-only, which are ready to be delivered directly to customers efficiently.
“The UK and Ireland markets are some of the highest performing across JYSK for online sales shares, so we want to bring an even greater offer with shorter delivery times and a bigger assortment to our customers. This will not only help us attract new customers and continue expansion but provide a more seamless experience.” says Roni Tuominen, Country Director for JYSK United Kingdom & Ireland.
To streamline the UK and IE teams further, the JYSK HQ office will also relocate to the dark-store site, housing all teams together for further efficiency. The new site is creating 14 new jobs positions across a variety of roles, including Department Manager, Team Leaders and several warehouse employees.
