The º£½ÇÊÓƵ branch of Danish homewares retailer JYSK has continued to report losses as it closed stores and reduced staff during its latest financial year.
The company, which is part of the global group, reported a pre-tax loss of £3.2m for the 12 months up to 31 August, 2024, as reported by .
This follows a pre-tax loss of £3.1m in its previous financial year. The last time the business reported a pre-tax profit was in the year leading up to August 2022, with a total of £144,000.
Recent accounts filed with Companies House reveal that JYSK's turnover increased from £40.9m to £43.8m over the year.
However, despite the rise in sales, the average number of employees at JYSK decreased from 180 to 151 as the number of º£½ÇÊÓƵ stores dropped from 31 to 27.
A statement approved by the board read: "There continues to be an unsettled retail market in the º£½ÇÊÓƵ as a result of increases in [the] cost of living and challenges in supply and increased uncertainty as a result of the war in Ukraine."
Despite these challenges, the company managed to increase turnover and plans to create growth through expanding the retail estate in the coming years and investing in existing stores.
JYSK added: "Turnover development stabilised over the course of the year, no longer impacted by government -led Covid open and closures that occurred in previous years, however inconsistent weather conditions over the summer months resulted in garden sales lower than expected."
"However, proactive cost management reduced the impact of the lower than expected sales."
"There were increases in costs in some areas due to the longer-term plan to invest in improvements in existing stores and continued expansion of the physical stores, inline with the overall strategy to bring JYSK closer to the customer and to ensure enhance [the] customer experience."
