The turnover for Danish furniture retailer JYSK increased by 7.6 per cent reaching DKK 41.4 billion (EUR 5.6 billion) for the financial year 2023/24. At the same time, the number of new customers increased with 11.9 million driven by great offers within Scandinavian sleeping and living.
Although global uncertainties and unrest continued during the financial year 2023/24 (FY24), JYSK invested in lowering its already competitive prices on over half of its popular quality products and include even more products in its “Everyday Low Price” assortment. This resulted in an increase of 11 per cent in the number of units sold.
JYSK also set a new customer record with 11.9 million new customers shopping in one of the more than 3,400 JYSK stores across 48 countries compared to the year before.
“I would like to thank our employees for their hard work and dedication and not least their great customer first mindset. Our financial year had a challenging start with low sales, but with our focus on competitive prices and our quality products we succeeded in setting yet another turnover record for JYSK. We also significantly increased the number of customers in our stores in all our countries and online while continuing to gain market shares,” says Rami Jensen, President and CEO for JYSK.
During FY24, JYSK continued its expansion and announced plans for opening its first stores in Morocco in the spring of 2025. JYSK also opened 137 new stores and on top of this, JYSK invested in 489 store activities which included relocations and enlargements of existing stores and updates to the newest store concept 3.0.
In FY24, JYSK’s biggest market, Germany, doubled its number of new customers and delivered an increase in turnover, despite closing 21 stores as part of finalising the project One JYSK, which merges JYSK Nordic and Dänisches Bettenlager into JYSK. The stores that were closed were either too small for the popular 3.0 store concept or there was another JYSK 3.0 store close by.
“We say it often, and it still holds true: Expansion is an integral part of our DNA even though we have closed a number of stores as part of finalising One JYSK. We want to ensure that we continue to be profitable while we grow both outside of Europe and in our existing countries within Europe to reach our overall goal of 5,000 stores with great Scandinavian offers within sleeping and living. I am very satisfied that overall, the number of JYSK stores and customers continue to increase each year,” says Rami Jensen.
To meet the growing number of customers and JYSK stores, JYSK is investing in two new state of the art distribution centres. Construction of the first one in Lelystad in the Netherlands started during the summer and will be certified according to the international sustainability standard LEED. It spans 147,000 square metres and has two high bays with room for 166,000 pallets. It is placed in Lelystad to reduce the driving distance to the stores in the Netherlands, Belgium, UK and Ireland and containers can be brought via a barge very nearby.
The other state of the art distribution centre will be built in Almenara in southern Spain and will replace the current distribution centre near Valencia. The new distribution centre will be very similar to the one in the Netherlands and will service the more than 150 stores in Spain, Portugal and Morocco.
“With our two new distribution centres we will be able to further strengthen our global logistics setup, so we continue to deliver great offers on Scandinavian sleeping and living to our growing number of customers and when we expand to new countries,” says Rami Jensen.
