Caffè Nero reports sales up 20%

17 October 2007 by
Caffè Nero reports sales up 20%

Caffè Nero enjoyed a strong summer with sales 20% ahead of last year and like-for-like sales up 5%, the coffee shop chain said today.

The company opened 17 new stores from June to September taking its total units to 327.

Caffè Nero, which was taken private by chief executive Gerry Ford in January, left the Alternative Investment Market in February.

Reporting strong results for the full year ended 31 May, Ford said it had been "an excellent year for the group".

Caffè Nero has secured several sites In Northern Ireland due to open at the start of 2008 as it looks to go international and has offer deals in negotiation.

Domestically it signed agreements with department store group House of Fraser to operate in store and launched a travel division Nero Express to service railway and airport locations.

It currently has five Express locations with up to 15 planned by May of next year.

Ford said: "We continue to be encouraged by Nero's brand appeal as we expand into new formats and geographic locations."

Turnover in the year increased 20% to £108.8m (2006: £90.7m). Like-for-like sales, which strip out new openings, grew 4%. Pre-tax profit was 31% higher at £9.6m (2006: £7.3m).

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By Chris Druce

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