JYSK earnings down but parent sees record growth
With a turnover of €4.7b and earnings before tax of €499m (up +3.9%), 2018/19 was a record financial year for the Lars Larsen Group, owner of the JYSK global retail chain, despite significant investment.
”It is a result which we in the family are very satisfied with,” says chairman Jacob Brunsborg (pictured). “As a result of heavy investment, the earnings of JYSK were a bit lower than the previous financial year. That makes it even more important that our investment activities as well as a number of other companies in the group have delivered on such a high level that our earnings before taxes improved by €17.5m.”
Several of the group’s companies enjoyed YoY earnings growth. “Among others, I would point out Actona Company, where earnings have been more than doubled from €8m to €18m,” Jacob continues.
Another highlight was garden furniture producer Scancom, which delivered earnings before tax of €3.5m.