February 21, 2024
The Scandinavian chain of home goods has been developing quite actively in Ukraine in recent months, and the company's sales are also growing.
On February 15, the JYSK Ukraine company announced the opening of three new group stores - two in Kyiv and one in Lviv.
The current number of JYSK stores in Ukraine is 90, which is more than before the full-scale invasion - at the end of 2021 it made 85 stores. Compared to December 2022, the number of trading points has increased by seven, and over the past five years, it has almost doubled:
The company plans to increase the number of stores in Ukraine to 100 by 2024.
The turnover of the company JYSK Ukraine, which operates the chain, in 2022 amounted to UAH 4.8 billion, 37% more than in the previous year (due to rising prices and an increase in the average number of stores that worked during the year).
The business remains high-marginal, the markup on goods can reach 100% (the ratio of gross profit to turnover in 2022 was 49%), so it is not surprising that the operating profit of JYSK Ukraine in 2022 amounted to 1.2 billion UAH (in 2021 - 815 million UAH), net profit – 1.1 billion UAH (631 million UAH). The value of the company's inventory stock during the year increased by UAH 180 million to UAH 610 million, the average inventory period was about 80 days, which is quite good figure for this type of business.
Own funds remain the main source of financing the company's assets, and since the company is unable to pay dividends, the amount of cash as of the end of the year amounted to more than UAH 1 billion.
According to our estimates, in 2023 the financial performance of the company will significantly improve compared to 2022. At least in the first nine months of the year, the turnover of JYSK Ukraine increased by 65% compared to the corresponding period of 2022, so both the company's profits and the amount of cash will increase.
JYSK is part of the Lars Larsen Group. At the moment, the group is represented in 48 countries around the world, and its turnover in the 2022/23 financial year was 38.5 billion Danish kroner (5.2 billion euros).