Caffè Nero set to boost portfolio

08 November 2005
Caffè Nero set to boost portfolio

Caffè Nero has announced positive trading results with total turnover up by 32% for the five months to 31 October.

Despite describing the UK consumer spending environment as "challenging" at its annual general meeting today, the chain said like-for-like store sales remained at the top end of its 2-4% guidance range.

Since its financial year end on 31 May, the company has opened 25 units, bringing its store total to 239.

With trading at the new units described as "very encouraging", the chain is pushing on with plans to open a new store every 10 days during the current year.

This will boost its portfolio to 255 stores by the end of May 2006.

Caffè Nero chairman and chief executive, Gerry Ford said: "The Caffè Nero brand continues to gain ground and grow market share. As a result, the directors remain confident that the group is well positioned to deliver another strong performance in the current year."

By Kerstin Kühn

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