EAT has reported a £1.52m drop in pre-tax profit to £1.1m in its latest full-year financial results.
The London-based BB75 retailer, revealed the news in its latest financial statement, filed at Companies House, for the period ending 28 June 2012.
Financial highlights included an 8.7% growth in sales to almost £95m year-on-year, while gross profit amounted to £60.5m, a £5.25m rise on the previous year. The sandwich retailer said this figure was driven by new store openings, product innovation and service improvements, coupled with strong operational controls and enhanced purchasing.
During the year, EAT opened eight new outlets, taking its total estate to 118 stores at the end of June 2012. The firm outlined targets for the next three to five years to operate more than 200 shops in the UK.
In a directors’ report, the firm added that the sub-£10m meal category of the food and drink sector had continued to prove “relatively resilient”, adding: “The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.”
Earlier this year, the firm appointed Adrian Johnson, former managing director at Costa Retail, as its new chief executive. He is expected to take up his position at EAT on 1 June.
This year, EAT dropped one place to 13th on British Baker’s BB75 league table of the UK’s top bakery retailers, based on store count.