European-style coffee bar chain Caffè Nero today reported a 40% jump in turnover for the first five months of its current financial year.
The boost in revenue represents a 6% rise in like-for-like sales since June 2004.
Last year the group accelerated its expansion drive with 43 new sites and has since opened a further 27 outlets, enlarging its estate to 189 cafés.
“We have been very encouraged by the overall trading performance of these new stores and see continuing opportunities to extend Caffè Nero’s size and geographical reach,” said chairman and chief executive Gerry Ford.
He said Caffè Nero remained on target to open a new outlet every 10 days during the current year, which will swell the portfolio to at least 200 cafés by the end of February 2005.
by Angela Frewin
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