The Danish coffee and juice chain expects revenues to increase by more than 30% in 2022, despite current inflationary pressures, as it continues to pursue international expansion
Joe & The Juice currently operates around 310 stores in Europe, the US and Asia Pacific | Photo credit: Joe & The Juice
Joe & The Juice has reported strong 2021 results as it continues to grow its presence globally, with the Danish coffee and juice chain forecasting a 'record' year in 2022.
Reporting its financial results for 2021, the chain said revenues grew 30% to 1.1bn DKK ($149m) with operating profit increasing 9% to 272m DKK ($36m).
Joe & The Juice expects profit to improve in 2022 but reported a loss of 233m DKK ($31m) for 2021 which the company attributed to high level of investments.
In a statement, the company said it anticipated 2022 revenue growth of at least 30%.
Thomas Nørøxe, appointed CEO in June 2021 with the goal of leading the chain’s international expansion, highlighted the success of the brand in Copenhagen, London and New York in particular, where return-to-work footfall boosted sales.
In June 2022 Joe & The Juice announced its expansion into the Middle East, with Nørøxe hinting at likely expansion into further Asian markets ‘in the coming years’.
“2021 gave us some of the best months we have ever had, especially in cities like Copenhagen, London and New York where return-to-work had a very positive impact on customer traffic. Both the revenue and EBITDA development exceeded our expectations and confirm that we are on the right path towards our goal of having a positive cash flow after investments. This is supported by the promising fact that 2022 is highly likely to become yet another record-year for us,” said Nørøxe.
However, Nørøxe cited inflationary pressures and geopolitical tensions as possible headwinds to the company’s success this year.
Joe & The Juice currently operates around 310 stores in Europe, the US and Asia Pacific, with plans to open at least 20 stores this year.
In April 2022, Joe & The Juice indicated it could launch an IPO within five years.