February 28 (SeeNews) - The profit before taxes of JYSK Bulgaria, a unit of Danish bedding and furniture retailer JYSK, soared by an annual 354% to 4.5 million levs ($2.6 million/2.3 million euro) in its fiscal year 2017/2018, the Sofia-based company said in a statement upon unveiling its 26th store in the country, in the town of Dimitrovgrad.
JYSK Bulgaria's revenue grew by 68.6% to 43.3 million levs in its fiscal year ending September 30, exceeding its expectations for a 52% rise, the company said in a statement.
The company intends to open three more stores in the country by the end of June.
JYSK Bulgaria is also due to unveil its distribution centre near Sofia, following an investment of over 105 million euro. The hub will service deliveries to Bulgaria, Greece, Romania, Serbia, Slovenia, Bosnia and Herzegovina and Croatia.
Jysk Group, which entered the Bulgarian market in 2005, generated revenue of 474 million euro on turnover of 3.58 billion euro. The group ended 2018 with over 2,700 stores in 51 countries.
(1 euro = 1.95583 levs)