Satisfactory JYSK Nordic accounts
JYSK Nordic, which covers 15 of the countries in which the JYSK Group has stores, has today published its accounts for 2010/11.
The accounts cover subsidiaries with stores in the Nordic countries, Central Europe, the Netherlands, the UK and China. The report thus covers 15 of the countries in which JYSK has stores.
The accounts do not cover the stores in Germany, Austria, Switzerland, France, Spain or Italy, which are run by JYSK Nordic's sister company Dänisches Bettenlager, which has its headquarters in Flensburg. JYSK Franchise and other companies in JYSK Holding A/S have not been included either.
The financial year finished at the end of August 2011.
EBIT is largely unchanged at DKK 861.3 million compared to DKK 863.4 million in 09/10. The result is considered satisfactory and in line with expectations - particularly considering the international financial situation.
The results after tax were DKK 575.2 million compared to DKK 627.4 million in 09/10. The reason for the downturn is that the financial items have depreciated by DKK 41.8 million, primarily resulting from statutory interest on capital loans for JYSK Holding A/S in the Finnish accounts of DKK 21 million, and increased interest payments in Poland for financing the expansion of the distribution centre in Radomsko of DKK 16.5 million. This has led to the tax on this year's profits rising by DKK 8.2 million.
The consolidated net revenue has increased by 8.1%, partly due to the exchange rate of SEK to DKK having risen by 9.3% during the course of the year, NOK by 3.6% and Polish Zloty by 2.4%. With unchanged exchange rates, the consolidated revenue growth would have been 4.7%.
JYSK has opened stores in a new country this year, Serbia.
The expansion within the overall JYSK Group remains large, and we have opened 150 new stores this last year. The JYSK Group has a yearly revenue of DKK 18.5 billion, 17,000 employees, 1,900 stores, two head offices and six distribution centres.
The number of new stores and employees is at a historically high level, and JYSK expects to reach another milestone in 2012 with the opening of store number 2,000.
Download the accounts here
Jonas Schrøder, Director of Communications at JYSK, +45 40905493 / email@example.com
Lars Larsen opened his first store in 1979. Today JYSK is an international group with approximately 1,900 stores in 34 countries and around 17,000 employees. JYSK strives to provide everyone with great offers and has the ambition of opening stores worldwide. The group is owned by Lars Larsen, and the yearly revenue is approximately 2,5 billion Euro.