Pre-tax profits at the Irish arm of expanding furniture retailer, JYSK last year decreased by 17% to €3m as revenues surged.
New accounts filed by the Irish arm of the Danish home retail brand, JYSK Ltd show that revenues rose by 17% from €59.5m to €69.66m on the back of new store openings to bring the number of stores to 25 for 2024.
The pre-tax profits of €3.02m for the 12 months to the end of August last follow pre-tax profits of €3.68m in 2023.
The directors state that the 17% increase in revenues “can be attributed to the continued store expansion in the Irish market, including the opening of two new stores, continued growth in online and the improvement in operations in existing stores”.
The directors add that there continues “to be high inflation in the market and effective cost control continues to be
the focus for management”.
The company paid out a dividend of €3m following a dividend of €2.6m in 2023.
The firm recorded a post tax profit of €2.67m after incurring a corporation tax charge of €347,327.
The company’s operating profits of €3.044m and it paid out interest costs of €22,482 resulting in the pre-tax profit of €3.02m.
Numbers employed increased from 259 to 287 made up of 233 in administration and staff along with 54 in management.
Staff costs last year increased from €7.57m to €9.86m.
Earlier this year, JYSK continued on its expansion path with the announcement that it planned to open five new stores across Ireland in 2025 as well as opening a new head office in Park West Business Park.
The post tax profit for 2024 takes account of non-cash depreciation costs of €1.69m.
At the end of August 2024, shareholder funds totalled €10m that included accumulated profits of €4.56m.
Cash funds declined from €5.79m to €5.55m.
JYSK opened its first store in Ireland in 2019.
Today, JYSK operates 3,400 stores and webshops in 48 countries. Founder Lars Larsen opened his first store in Denmark in 1979 and today, JYSK employs 31,000 employees.
Globally, JYSK last year recorded revenues of €5.6bn – an increase of 7.6% on fiscal 2023 revenues and earnings before interest and tax for 2024 totalled €594m.
Last year, the 25 stores in the group’s Irish unit trailed only three behind JYSK’s 28 UK stores operating.
Reporting by Gordon Deegan
