The dual listed café chain operator says both of its coffee chains continue to ‘outperform’ the UK market and lead a period of ‘significant development’ for the company
As of 30 September 2022, the company operated 50 Esquires and 20 Triple Two stores in the UK | Photo credit: Cooks Coffee Company
Cooks Coffee Company has reported strong sales across its Esquires and Triple Two coffee chains in the UK.
In the six months ended 30 September 2022, sales from UK Esquires outlets increased 20% compared to the previous year and 35% against pre-pandemic levels.
Meanwhile sales for the company’s Triple Two brand, which it acquired in June 2020, were 60% higher than the first six months of last year.
As of 30 September 2022, the company operated 50 Esquires and 20 Triple Two stores in the UK.
Cooks Coffee Company said its pipeline of openings was ‘robust and underpinned by strong consumer demand’. In October 2022 Cooks Coffee Company announced plans to reach 120 stores globally by the start of 2023.
“The period was one of significant development for the group as we continued to build a group of ethical coffee chains with community spirit. Our Esquires and Triple Two brands continue to perform well, and I am delighted with our consistent outperformance of the market, thanks to the efforts of our staff, franchisees and their teams. The number of stores is expected to grow in the second half of the year, with nine store openings planned in the UK and two in Ireland which we anticipate will take the store numbers to 96 in the UK and Ireland by the end of March 2023,” said Keith Jackson, Executive Chairman, Cooks Coffee Company.
Cooks Coffee Company reported revenue from global trading operations increased 37% to NZ$1.93m ($1.2m).
However, overall revenue declined 15% to NZ$3.1m ($1.9) as a result of planned store openings being delayed. The company expects to recover the shortfall during the second half of the year.
Cooks Coffee Company store sales in Ireland, where it operates 15 sites across the two brands, were 104% higher than the same period last year. The company also said the 26 stores it operates in international markets continue to recover following the pandemic, with sales in Saudi Arabia 86% higher than last year.
In November 2022, Cooks Coffee Company completed its dual listing on the Aquis Stock Exchange, an independent growth index separate to the London Stock Exchange. The company is also listed on New Zealand’s Exchange, although it currently has no operating assets in the country.