Skip to main content

Cake Box now “bigger & better” after pandemic as profits grow 12%

// Cake Box pre-tax profits jumped by 11.8% to £4.2m for the year to March 31
// Group revenues lifted by 16.9% to £21.9m for the year
// Cake Box is also targeting between 18 and 24 new openings over the current financial year

The boss of Cake Box has said the retailer has emerged from the Covid-19 pandemic as a “bigger, better business” as it posted higher profits for the past year.

The vegan cake chain told investors today that pre-tax profits jumped by 11.8 per cent to £4.2 million for the year to March 31 despite the impact of the pandemic.

It was boosted by higher sales over the year as it stores remained trading for most of the year and the retailer opened 24 new franchise stores.

READ MORE:

Group revenues lifted by 16.9 per cent to £21.9 million for the year.

Cake Box chief executive Sukh Chamdal said the London-listed business was now in a strong position to continue its growth plans.

“We have achieved record results during a year which included a global pandemic and the temporary closure of our entire store estate,” he said.

“We have ultimately emerged a bigger, better business.

“Despite continued uncertainty in the operating environment, our unique proposition for customers and new and existing franchisees remains highly attractive and we are confident of making continued progress in the years ahead.”

The retailer said trading has been “strong” so far in the first quarter of the new financial year, with nine franchise store openings.

Cake Box told shareholders it was targeting between 18 and 24 new openings over the current financial year as it continues its nationwide expansion.

“We have a record number of holding deposits for new franchise stores wanting to start and grow their own businesses,” Chamdal said.

The retailer said it would also expand its kiosk business after a successful trial in supermarkets, with plans for six more sites.

Shares in Cake Box were 3.7 per cent higher at 335p during early trading.

with PA Wires

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post Cake Box now “bigger & better” after pandemic as profits grow 12% appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/3dvXzC1
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more