JYSK results resilient despite global challenges

25th November 2022 | Jack Oliver

Danish furniture retailer JYSK has posted strong financial results, despite challenges from increasing inflation and the War in Ukraine.

In its annual report for 2021/22, the retailer posted a pre-tax profit of 4.538bn Danish Krone (c. £525m), an increase of 1% from the year before. JYSK also recorded an increase of 11.2% in turnover to 36.277bn Danish Krone (c. £4.1bn).

JYSK has over 3,000 stores worldwide in 48 countries, including 27 in the UK.

Jan Bøgh, president and CEO of JYSK, said: “With inflation on the rise, consumer trust in decline and many other challenging global factors, the latest financial year has exceeded even the past few years, which were turbulent on their own.”

Bøgh spoke of the war in Ukraine as one of the factors affecting the business. JYSK initially closed all 86 of its Ukrainian stores when war broke out in February, although most are now open again to customers. The retailer also made the decision to close all of its stores in Russia.

However, JYSK has managed to open a total of 135 new stores in Europe, with plans to launch in Turkey in spring 2023.

Bøgh also announced his departure from the company, with deputy president and CEO Rami Jensen taking over, who has been at the business since an apprenticeship role in 1994.

“Retail is often underrated as a career path, even though there are vast opportunities for taking on responsibility at a young age and shaping your job and future”, Jensen said.


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