Caffé Nero revenue up as it eyes new sites

Caffe Nero
Caffe Nero: gross profit up 10.4%
  (Photo:  )

Italian coffee shop chain Caffé Nero has posted an 8.8% rise in revenue to £222.4m as it looks to add around 40 stores next year. 

The results for the year ending 31 May 2014 also revealed that gross profit is up by 10.4% to £54.4m and EBITDA rose by 9.2% to £38.1m.

Operating profit rose by 11.4% to £23.5m with operating profit margin increasing to 10.6%, up from 10.3% last year.

The company’s expansion is ongoing with 36 stores opened and five closed in the current year, resulting in a net increase of 31 stores, representing 5.7% of the estate.

A financial statement said: “The directors continue to believe that there are strong growth prospects in the UK branded coffee bar market and intend to continue the rapid roll out of the Caffé Nero concept around the country.”

Caffé Nero offers pastries, paninis, sandwiches and other baked goods such as cakes and biscuits and is represented in 247 towns and cities.

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