New stores boost Esquires Coffee’s UK and Ireland sales
The brand's UK & Ireland business represents 89.3% of its franchised store sales.
Esquires Coffee saw a robust performance for the first 10 weeks of the financial year, boosted by an increase in new coffee outlets.
According to a trading update by the brand operator Cooks Coffee, Overall Esquires store sales for the period increased by 23.7%. For the past seven weeks, Esquires branded stores in the UK & Ireland achieved aggregate sales exceeding £600k each week and recorded over 80,000 transactions weekly.
In the UK, Esquires Coffee saw store sales increase by 30.1%, with like-for-like sales growing by 5.5%. New store openings since April 2023 accounted for 34.6% of total sales in this period.
In Ireland, Esquires Coffee saw store sales increase by 11.7%. Like-for-like sales rose by 8.0%, with new store openings since April 2023 contributing 17.1% of total sales for the period.
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 31st March 2024 accounted for 98.4% of the company’s revenue.
Aiden Keegan, CEO of Cooks Coffee Company, said the company’s 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.
“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,” Keegan said.
Cooks Coffee is a New Zealand-listed company which joined the Aquis Exchange in London in November 2022 under the ticker “Cook”. In 2013, Cooks Coffee acquired the global rights, excluding Australia and New Zealand, for the Vancouver-founded coffee chain Esquires Coffee.
The group is currently focussed on growing Esquires Coffee in the UK and Ireland. As of the end of April 2024, Cooks Coffee has 104 outlets spread across its 9 international markets.
