Latvia, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 12:10

Jysk Linnen'n Furniture household goods retailer sees turnover drop 8.8% last FY

BC, Riga, 06.07.2020.Print version
During its last fiscal year, which lasted from March 1, 2019 to February 29, 2020, Jysk Linnen’n Furniture (Jysk) household goods retailer turned over EUR 24.447 million, which was an 8 percent drop from the previous fiscal year, while the company’s profit declined 0.4 percent to EUR 1.12 mln, according to information available at Firmas.lv, wrirtes LETA.

The retailer's management said in the annual report that despite the turnover drop, Jysk has been operating successfully, achieving a wider gross profit margin than a year before, which enabled the company to maintain its profit at approximately the same level as in the previous fiscal year.

 

Commenting on this year's situation, the management noted that the company's sales were impacted by the Covid-19 crisis, which reduced in flow of shoppers at Jysk stores. Sales fell especially sharply at large shopping malls, while regional Jysk stores showed comparatively better results. 


During its previous fiscal year, from March 1, 2018 to February 28, 2019, Jysk turned over EUR 26.562 mln, which was a 2.2% drop from the previous year, while the company’s profit grew 9.2% to EUR 1.123 mln.


The company has been registered in March 2001 and its share capital is EUR 3.5 mln. Jysk Linnen’n Furniture belongs to Iceland’s Joska Eignarhaldsfelag whose beneficial owner is Danish national Jakup Jacobsen.






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