Caffè Nero aiming for “dozens” of new stores in next 12 months
Its founder says the chain’s on the road to recovery.
Caffè Nero is aiming to open “dozens” of new stores in the coming 12 months as sales climb near pre-pandemic levels.
The chain said it has had 11 consecutive months of positive cashflow sales, surging 160% since January.
Stores in market towns and suburbs are back to 2019 sales levels, it claims, whilst stores located in high street shopping and destination shopping areas are “nearly back” to 2019 sales levels.
Central London stores and transport hub stores have been recovering “somewhat slower” but notes “recent upticks” having occurred in September.
The company expects to reach sales levels of 90% seen in 2019 by November.
“We are coming back. Not there yet, but Caffè Nero is on the road to recovery. Each month trading is getting stronger and our prospects and opportunities going forward are becoming more encouraging,” founder and CEO Gerry Ford said in a statement.
The CEO added that he expects its current sales trend to continue and “strengthen further over the coming weeks and months” following a strong first quarter in the weeks between June and August.
“This solid trading is very encouraging and is providing a good platform for us to restart the engines and open a series of new stores over the next 12 months.”
