Company Type
Limited Corporation
1,829 MDKK
Gross profit
616 MDKK
Operating Profit (EBIT)
108 MDKK
Profit for the Year
474 MDKK

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Rank Profit for the Year

Rank in industry
"Top 10%"
Rank in Denmark
"Top 10%"

Top management Top 3

Peter King 1CEO
Peter Fabricius 2Finance director

Board Top 3

Michael Robert Hazell 1Chairman of board
Jessica Louise Shepherd 1Vice chairman
Aoife Mary Blicher 1Boardmember

Legal owners Top 3

100%Debenhams Retail plc

Rights certificate

Selskabet tegnes af bestyrelsens formand eller næstformand i forening med to bestyrelsesmedlemmer eller med en direktør eller af to direktører.

Company information based on CVR

NameAktieselskabet Th. Wessel & Vett. Magasin Du Nord
Alternate namesMagasin Ejendomme A/S, Magasin Kort A/S, Magasin Vin A/S, Magasins Handelsselskab A/S, A.C. Illum A/S, Illum'S A/S, Magasins Handelsselskab A/S (Aktieselskabet Th. Wessel & Vett, Magasin Du Nord) Reg. Nr. A/S 34.086 Show more
AddressKongens Nytorv 13, 1050 København K
IndustryOther retail sale in non-specialized stores [471900]
Established16-10-1999 (21 yr)
Company TypeLimited Corporation
Number of employees1,209 (Fin.Stmt)
Advertising protectionNo
AuditorBdo Statsautoriseret Revisionsaktieselskab since 09-09-2019
Financial statement period01-09 to 31-08
Company capital184,000,001 DKK
352,777,808 DKK (02-07-2009 - 25-01-2010)
313,631,667 DKK (01-09-2005 - 01-07-2009)
301,086,400 DKK (30-08-1987 - 31-08-2005)
Articles of assoc. last22-06-2010


Selskabets formål er alene eller sammen med andre i eller uden for Danmark at drive stormagasinvirksomhed med tilhørende restauranter og at drive virksomhed indenfor handel i øvrigt, håndværk, industri, transport, reklame, service, fast ejendom, finansiering og investering samt sådan anden virksomhed, der står i naturlig forbindelse med fornævnte formål.

Financial Statement

Currency/unit000' DKK000' DKK000' DKK
Gross Profit
Profit for the Year
Total Assets

Mangement review

Business activities
The Company operates seven department stores in Denmark at Kgs. Nytorv, in Lyngby, in Rødovre, in the shopping centre Fields on Amager, in Odense, Aarhus and Aalborg as well as an online shop,
Development in activities and financial circumstances
Operating profit before depreciation, amortisation, impairment and tax amounted to DKK 173 million (2017/18: DKK 227 million), which was below our expectation. Decline in profit was due to investments in the opening of the new department store in Aalborg as well as investments in operational efficiency for the online shop. The profit for the period amounted to DKK 84 million after tax (2017/18: DKK 122 million).
Amortisation, depreciation and impairment amounted to DKK 65 million (2017/18: DKK 73 million).
Equity amounted to DKK 474 million (2017/18: DKK 465 million) and solvency ratio amounted to 49.9 % (2017/18: 48.0 %).
Assets total amounted to DKK 949 million (2017/18: DKK 968 million).
Subsequent events
No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Department store operations
Revenue in Magasin increased by DKK 44 million due to the opening of the new department store.
The gross margin % is unchanged compared to last year.
Other external expenses have increased slightly primarily due to an increase in rent and estate costs as well as warehouse costs to the online shop. Number of FTEs has increased due to the opening of the new department store and payroll expenses have for that reason increased compared to last year. The staff cost ratio calculated on the basis of revenue has increased from 23.1 % to 23.7 %.
Investments for the year in property, plant and equipment amounted to DKK 42 million.
Magasin’s vision is to be one of the most successful omni-channel retail concepts in Europe within fashion and design.
With a strong representation of international and Scandinavian brands across a breadth of product categories, Magasin strives to offer our customers a curated selection of the most loved brands, the best personal services and constantly maintain relevance by delivering newness and products with limited distribution. The individual stores have different demographic profiles, thus brands, categories and fit-outs are tailored to the local demographic. For the two Autumn/Winter and Spring/Summer seasons more than 100 new brands were launched.
In the beginning of the financial year 2018/19 Magasin’s seventh department store opened in the Friis shopping centre in the heart of Aalborg. The store has been warmly received and since grand opening on the 20th of September 2018 it has had more than 1.5 million visitors, and our online sales in North Jutland has also increased significantly. reached double-digit profitable growth in 2018/19, reflecting the success of Magasin’s continued investments in this area. is our most visited store with more than 28 million visitors annually. In close cooperation with Prime Cargo, an automated robot-controlled warehouse in Kolding for Magasin’s online shop was ready for operation the 1st of September 2019 as planned. With the new AutoStore we can service our online customers quickly and efficiently with pick and pack that takes just a few minutes from start to finish.
During 2018/19 Magasin’s department stores have launched a range of new concepts and unique services. As the first in the market, we have trained a wide range of fragrance experts that can help customers with creating their own personal scent wardrobe. We have also teamed up with the popular Kenny Anker and opened an eyebrow bar. Furthermore, we launched a new large family room overlooking Kgs. Nytorv with room for both parents and children.
In the summer of 2019 we have made a major upgrade of the 1st and 4th floor at the Kgs. Nytorv flagship store. On the 1st floor we have launched a new young urban universe with cool streetwear and several new brands for both men and women, and at the same time, we have opened a Rezet sneakers store. We have also created a new and stylish Men’s design lab and a new Men’s Casual area. On the 4th floor, we have opened a 1,400 square meter leisure area with Gadgets & Tech from Smartech, Humac, B&O, among others, and a large sports and leisure range with Spejder Sport and Sportmaster as well as a Travel market.
Our Click & Collect and GLS parcel shops in all stores are very successful with over 400,000 parcels since launch in April 2018. We have also hired a B2B manager who can service our many corporate customers. Finally we have launched a tourist lounge at Kgs. Nytorv as we are experiencing an increased demand from our many foreign tourists.
Expectations for the future
Magasin expects revenue and gross profit for the financial year 2019/2020 (September 1, 2019 - August 31, 2020) to be in line with the same period in 2018/2019.
The total investments for the coming year will be similar to the level of 2018/2019. Marketing, promotion campaigns and customer service will remain at a high level in order to maintain Magasin’s market position. During the financial year 2018/19 we have had a significant increase in the number of Goodie Card customers and currently we have an active base of more than 440,000 loyal Goodie Card customers.
Magasin also maintains its ambition of continuing the introduction of new brands, products and improving the shopping experience in the seven department stores and on
During the financial year 2019/20 we will also launch with delivery to Sweden which will give Magasin the opportunity to reach a new market and increase our sales channels further.
Net profit for 2019/20 is expected to be on a similar level compared with the same period last year and a positive cash flow from operating activities are expected.
Ownership structure
Magasin is wholly owned by Debenhams Retail Limited, which is registered in the UK.
Cash and capital resources
As a department store Magasin is a highly seasonal business and cash needs are strongest in September and October immediately before the Christmas trading.
As stated, investments of DKK 42 million into property, plant and equipment were made during the year without raising any supplementary financing.
General risks
Magasin’s most material operating risk is its ability to keep a strong position in the retail market and to continue being innovative and constantly launching new brands and products at the right price. Magasin is moreover exposed with respect to its ability to continue controlling and optimising inventory and making the right purchases. Magasin has a leading market position within these areas via a structured performance within merchandising and a flexible purchasing model which combines its own purchases and private label brands with concession and consignment partner agreements.
Corporate social responsibility
Magasin considers corporate social responsibility increasingly important to its business and strive to accelerate the development of a sustainable and responsible lifestyle industry. At Magasin we encourage all partners to join our efforts in taking responsibility; for human, environment and the planet. Taking responsibility is for Magasin about having overview of, all processes, all parts of the company, all parts of the production as well as assisting our customers with how to treat and take care of our products to make them last longer.
For the collection of our own kids brand Bakito we are proud that we this year achieved 80% of sustainable materials and we aim to reach 100% in 2021. Additionally a major part of the Magasin Du Nord Collection are today already of sustainable materials and we continue to work dedicated on bringing our policy around responsibility into our partnerships.
At Magasin we have reduced the usage of plastic bags by changing to 100% recyclable bags. Furthermore our buyers and personal shoppers are being trained in sustainability to share our knowledge, experience and practices with our customers and partners.
Target figure and policy to increase the proportion of the under-represented gender at Magasins management
At Magasin, we want to reflect society's as well as our customers' distribution of women and men. This also applies at management level.
At Magasin, we want all our employees to feel that the company has an open and open-minded culture where each employee can utilize his or her skills and talent as best as possible, regardless of gender.
As Magasin has achieved equal gender distribution on the Board, the Company is exempt from setting and reporting a target figure to the supreme management body.
Target figure
The legislation aims to ensure equal gender distribution among the governing body, which means that both sexes are represented by 40% or more.
At Magasin the highest governing body is Magasin’s Supervisory Board.
The share of female board members elected by the shareholders’ committee is two of two selectable seats, by which the intended target is achieved.
Magasin has achieved equal gender distribution at other management levels and is therefore exempt from explaining policies, actions and results to increase the underrepresented gender.
Policies to increase the proportion of the under-represented gender in the other levels of management
The legislation aims to ensure equal gender distribution among the company's other management levels, which means that both sexes are represented by 40 % or more. At Magasin, male managers account for 40 % and the female managers account for 60 %. At Magasin the underrepresented sex among the company's other management levels are therefore men.
Magasin has therefore focused on increasing the proportion of men in Magasin at other management levels through the following policies and initiatives:
Attracting and recruiting new employees
Magasins job adverts clearly states that the candidate is not judged by gender, age or religious beliefs.
All managers have succession planning conversations where factors such as work-life balance can be discussed and any actions or changes can be agreed upon.
Furthermore, with our succession plans we ensure that there is diversity within the individual management teams, in relation to e.g. gender and age, in order to achieve synergy between the team members.
Part Time Management / part-time management position
At Magasin, we strive to achieve a good worklife balance for all our employees. Therefore, we work with a variety of initiatives to enable us to retain good employees and managers on the long-term.
We believe that we will have happier more motivated and thus dedicated managers, if they have the opportunity for a better balance between work and personal life. We also want to get both women and men back on the career track after maternity leave or when the children become older.
Hence, as manager at Magasin you have the option to work part-time for a period. This is a system that is tailored to the individual and with fixed work schedules, so it is clear to the managers and colleagues, when the manager is working.