Cooks Coffee Company Limited Store Openings and Trading Update

RNS Number : 6008S

Cooks Coffee Company Limited

17 June 2024

 

17 June 2024

Cooks Coffee Company

 

("Cooks Coffee", the "Company" or the "Group")

 

Store Openings and Trading Update

 

Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused café chain, is pleased to provide information on its store openings and a trading update for the first ten weeks of the financial year for the Company's Esquires Organic Coffee Company brand.

 

Esquires has experienced strong growth across both the UK and Ireland markets, with notable increases in sales and successful new store openings.

 

UK and Ireland Combined Performance:

•	Overall Esquires store sales for the period increased by 23.7%.
•	For the past seven weeks, Esquires branded stores in UK & Ireland achieved aggregate sales exceeding £600,000 each week and recorded over 80,000 transactions weekly. This level of performance had only been surpassed twice previously, including the Christmas week of last year.

 

UK Market:

•	Esquires Store Sales increased by 30.1%.
•	Like-for-like sales grew by 5.5%.
•	New stores opened since April 2023 contributed significantly, accounting for 34.6% of total sales in this period.
•	Five new stores were opened in the UK in Colliers Wood, Newport, Sudbury, Pinner, and Ruislip during April & May 2024.

 

Ireland Market:

•	Esquires Store Sales increased by 11.7%.
•	Like-for-like sales rose by 8.0%.
•	New stores opened since April 2023 contributed 17.1% of total sales for the period.
•	One new store was opened in Ireland: Galway - Wellpark in April 2024.

 

Esquires UK & Ireland store sales represented 89.3% of the company's franchised store sales from the global store network and the revenue for the year to 31^st March 2024 accounted for 98.4% of the Company's revenue.  As such, store sales and revenue figures quoted herein materially represent, and can be used as an indication of, the store sales revenue of the Company.

 

The expansion strategy, combined with strong like-for-like sales growth, demonstrates the Company's resilience and ability to attract and retain customers in both established and new locations, as well as Cook Coffee's strong market position and the effectiveness of its customer engagement strategies.

 

Aiden Keegan, CEO of Cooks Coffee Company, said: "We are delighted with the strong start to the year. The performance across the UK and Ireland of the Esquires brand is a testament to our dedicated team and our strategic focus on expansion and customer experience. The new stores have performed very well, and we are excited about the continued opportunities for growth in both markets."

 

Enquiries:

 

Cooks Coffee Company Limited	[phone] (New Zealand)
Keith Jackson (Executive Chairman) Aiden Keegan (Chief Executive)	[e-mail]
	[phone] (UK) [e-mail]   [phone] (UK)
	[e-mail]
IFC Advisory Limited (Financial PR & IR)	[phone]
Tim Metcalfe, Graham Herring, Florence Chandler	[e-mail]
Oberon Capital (AQSE Corporate Adviser and Broker)	[phone]
Nick Lovering, Adam Pollock, Mike Seabrook

 

 

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