Cake Box on track to meet expectations after sales and stores grow
Cake Box said it expects to meet full-year expectations after sales and store numbers both grew in the first half of the year.
The egg-free cake retailer said it expects to report revenue growth of about six per cent to £8.8m, compared to £8.3m in the first half of last year.
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Like-for-like sales in existing franchise stores grew by 6.9 per cent in the period, the company said in a trading update this morning.
Nine new franchise stores, including branches in Dartford, Derby and Slough, were opened during the first half, taking the total number of Cake Box sites to 122.
The company is preparing to open three new franchise store imminently, and said the store pipeline remains strong.
Sukh Chamdal, Cake Box co-founder and chief executive, said: “I am very pleased with our performance over the first half, particularly our ongoing momentum in like-for-like sales at 6.9 per cent.
“We have continued with our new store roll-out, opening nine in the period.
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“This was slightly lower than the comparative period last year, however, we already have a further three stores fitted-out and once the final legal processes are completed will be open for trading and so will be recognised in the second half.
“With a strong pipeline of new stores to meet our opening targets and a number of other developments under way to improve the Cake Box proposition, we remain confident in our prospects for the full year and beyond.”
Main image credit: Getty