SOHO Coffee reports 18.2% growth in total sales
The chain plans to open two new outlets in summer.
SOHO Coffee has reported that total sales for directly-owned stores was £9.1m, up 18.2% on the previous year, said to reflect the increase in their store network from 21 to 24.
Following completion of the 2017 Apostrophe store conversion programme, like-for-like (LFL) sales in
the final four periods of FY18-19 showed 5.9% growth, bolstered by strong trading from the chain’s London portfolio, which saw double digit growth of 11.1%.
SOHO’s estate saw full year LFL sales growth of 1.5%, with current trading remaining strong with LFL up by 5% for the first quarter.
Operational EBITDA at store level converted at 6.6% of net sales, which is double the rate compared to FY17-18, and is driven by 0.6% improvement in product margin and a 1.4%
improvement in labour efficiency. SOHO’s EBITDA is further underpinned by a 1%
improvement in operating margin efficiency.
2018 saw the chain investing in four new stores, including a brand new format at Westfield,
Shepherd’s Bush. SOHO’s next store opening will be in central London at the end of May with two further store openings planned for the summer.
