Mon, 14th Oct 2019 07:00
14 October 2019
Cake Box Holdings plc
("Cake Box" or the "Company" or the "Group")
Half Year Trading Update
Cake Box Holdings plc, the specialist retailer of fresh cream cakes, today announces its half year trading update for the six months ended 30 September 2019.
The Group has continued to grow strongly during the period, both through its existing estate and the addition of new stores and expects to report revenues for the period up c.6% to c.£8.8m compared to the same period last year (HY18: £8.3m). Within this, like-for-like sales* in existing franchise stores grew by 6.9%. As a result, the Board is confident that the Group will meet current market expectations for the year.
Nine new franchise stores were added during the period, bringing the total number of stores to 122. Recent store openings included Dartford, Derby Central and Slough Central. In addition, three new franchise stores are expected to open imminently and post the period end. The new store pipeline remains strong and the Group is on track to achieve its store opening target for the year.
The Group expects to report its results for the six months ended 30 September 2019 on 25 November 2019.
Sukh Chamdal, Co-founder and Chief Executive Officer, said:
"I am very pleased with our performance over the first half, particularly our ongoing momentum in like-for-like sales at 6.9%. We have continued with our new store roll-out, opening nine in the period. This was slightly lower than the comparative period last year, however we already have a further three stores fitted-out and once the final legal processes are completed will be open for trading and so will be recognised in the second half.
"With a strong pipeline of new stores to meet our opening targets and a number of other developments underway to improve the Cake Box proposition, we remain confident in our prospects for the full year and beyond."
For further information, please contact:
Cake Box Holdings plc
Sukh Chamdal, CEO
Pardip Dass, CFO
+44 (0) 20 8443 1113
+44 (0) 20 7408 4090
+44 (0) 20 3128 8570
*Like-for-like: Stores trading for at least one full financial year prior to 30 September 2019
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