Danish furniture brand JYSK Group has reported another record year, with a turnover of €3.577 billion and an EBIT result of €474m.
The company said after revealing its results for 2017/18 that it would continue to invest in new stores, expand its distribution network and develop e-commerce solutions.
Founder and chairman Lars Larsen said: “It is very satisfying that we once again manage to break records in Jysk.
“This confirms that it is still the right strategy to invest in physical stores and continue to get closer to customers in all the countries where Jysk is present today.
At the end of the financial year, 31 August, JYSK Group operated 2,668 stores and had a workforce of 23,000 people across 50 countries.
Lars said: “It is the employees who meet our customers every day, and without their great work, we would not be celebrating yet another record result.
“Therefore, they deserve a big thank you for their efforts.
During the financial year, JYSK Group expanded into its fiftieth country when a local franchise partner opened the first store in Dubai.
It expects to open a first store in Ireland in April, when the company will be celebrating the 40th anniversary of the first JYSK store in Denmark.
In the last year it also invested in the expansion of the company’s distribution centre in Uldum, Denmark, and a new distribution centre will be launched in Bulgaria in June.
Lars said: “It requires a huge setup to get all our products to so many stores in so many different countries, and the task has not become easier over the years as customers today expect to get their goods right away.
“Therefore, our new distribution centre in Sofia means a lot as we will be able to deliver much faster to stores and customers in the Balkan countries and Greece.
“With the stores in Ireland, Jysk plants the last flag on the European map when it comes to larger markets. In recent years, we have seen positive sales growth in the UK, and we expect a lot from the Irish market. Not necessarily from day one, but with patience we will also be successful in Ireland.”