Danish furniture retailer JYSK has reported continued sales growth in the UK despite posting pre-tax losses exceeding £3m for the second consecutive year.
According to its latest accounts for the year ending 31 August 2024, JYSK's UK turnover increased by 7% to £43.8m, up from £40.9m in 2023 and £38.3m in 2022. Pre-tax losses rose marginally to £3.2m from £3.1m the previous year.
At year-end, the company operated 27 stores across the UK, having opted not to renew leases on four locations in York, Pontefract, Chesterfield and Bradford. The company cited the ongoing effects of the UK's unsettled retail environment, including cost-of-living pressures, supply chain challenges, and geopolitical uncertainty related to the war in Ukraine.
JYSK highlighted that turnover had "stabilised" as pandemic-related disruptions no longer affected trading. However, inconsistent summer weather impacted expected garden product sales. Despite this, proactive cost control helped mitigate lower seasonal revenue.
The retailer reported increased expenditure in line with its long-term strategy, which focuses on enhancing the in-store experience and expanding its physical presence. Investment was directed towards both new locations and upgrades to existing stores.
JYSK remains confident in its UK business model, noting its commitment to "bringing JYSK closer to the customer" and improving the customer experience. The group plans continued investment and store growth as part of its broader expansion strategy.
Source: www.bigfurnituregroup.com