Cooks Coffee posts jump in FY sales amid expansion

(Sharecast News) - Aquis-listed Cooks Coffee Company - the owner of the Esquires coffee chain - reported a rise in full-year sales and earnings on Thursday as it rolled out more stores.

In the year to the end of March, group revenue jumped 84% to £5.4m (NZ$12.4m), with group store sales in the UK and Ireland up 22.8% to £43.1m (NZ$95.8m).

Earnings before interest, tax, depreciation and amortisation ticked up to £565,000 (NZ$1.3m) from £529,000 (NZ$1.2m) a year earlier.

The company said total group sites rose 18% to 105 across the UK and Ireland.

Stores numbers in the UK rose to 82, with 21 new stores opened during the year and nine closures. Like-for-like sales pushed up 1.8% and average store sales increased 4.9% to £368,894 (NZ$848,850). Cooks said Southeast England delivered a particularly strong performance.

In Ireland, store numbers were up 35% to 23, with continuing store sales up 29% to £13.3m (NZ$30.5m). LFL store sales were ahead 4.9% and franchised stores represented 80% of total Irish sales.

During the year, Cooks Coffee formed a new partnership with Tesco Ireland, with Esquires now operating five stores within Tesco outlets.

"The board believes this partnership provides a significant long-term growth opportunity within the Irish market," it said.

Chief executive Aiden Keegan said: "Growth for the Esquires brand continues to significantly exceed reported industry growth in both core markets. The board would like to acknowledge the dedication and commitment of all those involved across the group who continue to support our growth strategy while delivering excellent customers experiences every day.

"Our expansion strategy, combined with positive like-for-like sales growth, demonstrates the resilience of the business and ability to attract and retain customers in both established and new locations."

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