Department Stores

JYSK welcomes ‘record’ FY21 profits in UK&I

The retailer is set to push forward with the expansion plans of opening 14 stores in the UK and Ireland in FY 2021/2022

Danish furniture and home furnishings brand JYSK has announced record results in the UK Ireland during the financial year 2020/2021, with total sales reaching €68.9m (£58.7m), an increase of 67% on previous year.
Despite what the company called a “challenging end to 2020 and start to 2021”, 1.1 million customers (a 30% YoY increase) in the UK and Ireland came to the Scandinavian store.

This, coupled with physical store expansion, an increasing number of focused marketing campaigns and a move towards investing in more brand ambassador campaigns has helped drive the in-market growth towards JYSK stores, both physical and online.

The retailer is set to push forward with the expansion plans of opening 14 stores in the UK and Ireland in FY 2021/2022. The expansion plan also means the retailer is set to hire hundreds of new employees.

Country manager JYSK UK and Ireland, Roni Tuominen said: “We are delighted to be announcing today that JYSK is a retail success story. Whilst it has been another tough year for retail in many ways, we are very pleased with the results of our continued investment in growing JYSK’s geographical – and digital – footprint. In Ireland, we were able to contribute positive EBIT for our second financial year in the row.

“In the UK, we have contributed positive EBIT for the first time which is a huge achievement considering five out of 12 months our stores were closed. Following last year’s turnaround project to merge the UK and Ireland organizations we have seen the initial trend for growth continue. Our investment in people and bricks and mortar stores remains our priority to make JYSK the UK’s number one shopping destination for home decor and furniture.”

He added: “We are very confident in both the UK & Ireland market, and we will continue with our expansion plans over the next 12 months. The appetite is there for home furnishing products amongst our customers, perhaps now more than ever as the nation continues to spend more time at home and invest in creating comfortable, ‘hygge’ inspired interiors that are synonymous with our Danish heritage.”

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